A quick inquiry, nothing I could find guidance on...
In the case of 2021, the maximum US dollar amount of US stocks held in a Canadian non-registered securities account occurred as of the year end statement, and the year end exchange rate was duly applied (Per T1135 instructions) to calculated the Year-End Value in CAD... But, for the Maximum Value calculation CRA requires the use of the annual average exchange rate, which was lower than the year-end rate. Thus, the reported Maximum Value was less than the reported Year-End Value... It this something CRA would regard as amiss? Trying to report as accurately as possible, but CRA's instructions are what they are...
Anomalous Maximum and Year-End Values Reported on T1135
Moderator: Mark T Serbinski CA CPA
-
- Posts: 17
- Joined: Fri Jan 01, 2021 2:02 pm
Re: Anomalous Maximum and Year-End Values Reported on T1135
Just follow the instructions....
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
-
- Posts: 17
- Joined: Fri Jan 01, 2021 2:02 pm
Re: Anomalous Maximum and Year-End Values Reported on T1135
A tardy thank you here, yes, odd result but yes best defense is play by the rules...!