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