Personal Use Property Form T1135

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Mswalleye2
Posts: 25
Joined: Fri Oct 12, 2018 2:37 pm

Personal Use Property Form T1135

Post by Mswalleye2 » Sun Jan 13, 2019 3:00 pm

Hey there ... I am uncertain now ... We recently sold a property in the USA in which no T1135's were filed ever. When I previously filed, when I read definition of "specified foreign property" it said that "personal use property" did not have to be reported. I understood "personal use property" to mean property we use for personal use. So ... I never reported. Working through a tax program I just noticed a definition that CRA uses for "personal use property" ... cars, boats etc. things that normally decrease in value. I am confused now as to whether I should have filed a T1135, and where do i go from here???? help nelsona :)

Mswalleye2
Posts: 25
Joined: Fri Oct 12, 2018 2:37 pm

Re: Personal Use Property Form T1135

Post by Mswalleye2 » Sun Jan 13, 2019 5:59 pm

Never mind... I tried to delete but didn't see how. I also have realized that I did not disclose "funds" in the USA. I didn't realize that bank accounts in excess of $100,000 accumulative had to be reported. At least that is how I read it now? My idea of property was .... land. thanks anyways..

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