What counts as specified foreign property

The $100,000 test only adds up specified foreign property. Getting the list right is what decides whether you file at all, and which table each item goes in.

Counts toward $100,000

What you own	T1135 category
Savings or current account at a bank in China, India, Hong Kong, the U.S.	1. Funds held outside Canada
Fixed deposits, money market accounts, prepaid cards abroad	1. Funds held outside Canada
Apple, Tencent or other non-Canadian company shares, foreign ETFs, in a regular (non-registered) account	2. Shares of non-resident corporations, or 7 if at a Canadian dealer
Loan to a relative abroad, foreign bonds, foreign GICs and term deposits	3. Indebtedness owed by non-resident
Interest in a non-resident trust bought or acquired for consideration	4. Interests in non-resident trusts
Apartment abroad that is rented out or held for investment	5. Real property outside Canada
Foreign life insurance policy, gold held abroad, shares of a Canadian company held outside Canada	6. Other property outside Canada
Foreign securities at a Canadian registered securities dealer (non-registered)	7. Canadian dealer / trust company account

Does not count

• Personal-use property: a home or vacation property abroad used mainly by you or your family, a car, jewellery, art.
• Registered plans: anything inside an RRSP, RRIF or TFSA.
• Canadian mutual funds, even ones investing abroad.
• Active business assets: property used or held exclusively in carrying on an active business.
• Foreign affiliates: shares of, or debt owed by, a foreign company you own at least 1% of and, with related persons, 10% or more. Those go on Form T1134.
• Property you do not yet own: title has not passed to you.

Cost, not value

The threshold uses cost amount: generally what you paid. Property you owned when you became resident takes its fair market value on that day as its cost. Gifts and inheritances take their value when received. A foreign account that peaked at $120,000 in March and ended the year at $60,000 still crosses the line.

Spouses file separately

Each person tests their own share. A joint account of $160,000 held equally by two spouses is $80,000 each, so neither files on that account alone.

Next

Run the free T1135 checker, or go straight to the T1135 wizard, which sorts each item into the right category and converts it to CAD.

Self-prepared information return; not tax or legal advice. Not affiliated with the Canada Revenue Agency. Sources: Form T1135 E (23) instructions; CRA Questions and answers about Form T1135.