T1135 and Term life insurance
Moderator: Mark T Serbinski CA CPA
T1135 and Term life insurance
I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy?
Re: T1135 and Term life insurance
Also from what I understand, US$ funds in a Canadian financial institution (such as Questrade) does not need to be included in the T1135. Is that correct?
Re: T1135 and Term life insurance
Jonhello wrote:
> Also from what I understand, US$ funds in a Canadian financial institution
> (such as Questrade) does not need to be included in the T1135. Is that
> correct?
I found out this was true. I do need to include my US ETFs from Questrade in the T1135.
> Also from what I understand, US$ funds in a Canadian financial institution
> (such as Questrade) does not need to be included in the T1135. Is that
> correct?
I found out this was true. I do need to include my US ETFs from Questrade in the T1135.
Re: T1135 and Term life insurance
Jonhello wrote:
> I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy?
I have searched far and wide and so far I haven't found a answer to this question. Nelson, would you know the answer to this?
I would assume it wouldn't be included as the ACB would be zero as it has no value and cannot be cashed. Rather term insurance is a promise to give my beneficiary a certain amount in the case that I die before a certain date (as long as continue paying my premiums). This term life insurance is personal not from my employer.
> I recently became a Canadian resident for tax purposes. I have a US TERM life insurance policy. Do I need to file it on the T1135 as it is only a term policy?
I have searched far and wide and so far I haven't found a answer to this question. Nelson, would you know the answer to this?
I would assume it wouldn't be included as the ACB would be zero as it has no value and cannot be cashed. Rather term insurance is a promise to give my beneficiary a certain amount in the case that I die before a certain date (as long as continue paying my premiums). This term life insurance is personal not from my employer.