We only have to report Foreign Assets that had an initial cost of over $100,000 CAD. If the property is jointly held 50/50 (ie. Between spouses) then the initial cost would need to exceed $200,000 CAD. For foreign assets with a total cost of over $100,000 CAD, a separate form must be prepared and filed (T1135) with the CRA by April 30th to avoid penalties.

Foreign Assets include:

  1. Real Estate held in a foreign country - Note: this does not include personal use properties (ie. You not renting out property to earn rental income).
  2. Stocks of foreign corporations – Note these could be held in a Canadian Brokerage or foreign brokerage
  3. Foreign investments – either privately held or in a foreign brokerage
  4. Loans made to people or entities in foreign countries
  5. Funds held in foreign bank accounts