T1135 joint ownership reporting

[steadgarwin]

My wife and I are canadian residents with a US bank account > 200k, so are required to file T1135. I guess the contribution to the account from each of us is 50% since the vast majority came from the proceeds of selling our jointly owned house.

Here is the dumb question: Say the total account value is 250k. Then do I report 125k and my wife reports 125k? Or do we each report the total value of the account, 250k?

The stiff penalties for this one make me nervous!

Thanks!

[JGCA]

Unlike the US reporting requirements where you need to report bank accounts if in total is is more that $10K if you even just have signatory rights, The CND T1135 will only ask you to report if your share is over $ 100K meaning signatory does not count only if its your own money ( who's cash was it that went into the bank account). Also note if the US bank account is in Canada at a CND bank this does not need to be reported unlike US stocks at a CND broker that do need to be reported.

If you have this going back many years and did not report the existence but did report the income they will allow you to file it now but charge your each a $ 2500 late filing fee for each yr, the only way out I to do a voluntary disclosure and no late filing fees will apply