By description on T1135, "If at any time in the year the total cost of foreign property you owned was more than $100,000", the form is to be filed to CRA with return.
Does this mean that home bought in US needs to be shown on T1135?
The penalty for not filing is $ 25 per day which means joint owner can be liable to pay $ 2500 each.
Form T1135 for home bought in US
Moderator: Mark T Serbinski CA CPA
Read the form instructions: personal homes are excluded from being reported or counted towards the $100K
In any event, theform is only due with your tax return in April.
In any event, theform is only due with your tax return in April.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
It's also debatable whether the form is even required for departing residents. It is really only for full-year Cdn residents.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best