Could you please answer the following questions: 1) Total cost. Is total cost the adjusted cost basis of your investments at a particular point throughout the year? For example, If I own 60,000 CDN of Apple shares, I sell them. A week later I then buy 60,000 CDN of Google shares. My total cost would be 60,000 CDN since I do not own the Apple and Google shares at the same time. Please let me know if this is correct. 2) Is the $100,000 reporting threshold based on Total cost (adjusted cost basis) or Maximum cost for the year?
There was no Gain/Loss in the disposition so I did not populate the box at the very bottom of the page. However, I am getting an error message that I must enter an amount of Gain or loss else I will not be able to Efile. Why is that?
Hello Vergil, All Canadian resident taxpayers (including non-resident trusts deemed resident in Canada by section 94 of the Act) are required to file the Form T1135, Foreign Income Verification Statement if at any time in the year the total cost amount of all specified foreign property to the taxpayer was more than $100,000 (Canadian).
This was very helpful Thanks!
Could you please answer the following questions:
1) Total cost. Is total cost the adjusted cost basis of your investments at a particular point throughout the year? For example, If I own 60,000 CDN of Apple shares, I sell them. A week later I then buy 60,000 CDN of Google shares. My total cost would be 60,000 CDN since I do not own the Apple and Google shares at the same time. Please let me know if this is correct.
2) Is the $100,000 reporting threshold based on Total cost (adjusted cost basis) or Maximum cost for the year?
CRA says you don't have to report for the year of immigration. Does that mean don't check the >$100,000 box on the current return?
At the simplified method, the box "Income from all specified foreign property" should be filled in Canadian (CAD) or local currency?
Hi Marco, Canadian dollars
Is that income from specified foreign property the same mentioned on t5? If not then where to find! Thnx in advance.
There was no Gain/Loss in the disposition so I did not populate the box at the very bottom of the page. However, I am getting an error message that I must enter an amount of Gain or loss else I will not be able to Efile. Why is that?
Hi T M, due to NetFile requirements something has to be put in the box. Try entering 0.00, it should clear the message
Good video but it doesn't explain WHY you would click YES to owning foreign property. It would be nice to have a little more detail there.
Hello Vergil, All Canadian resident taxpayers (including non-resident trusts deemed
resident in Canada by section 94 of the Act) are required to file the
Form T1135, Foreign Income Verification Statement if at any time in the
year the total cost amount of all specified foreign property to the taxpayer
was more than $100,000 (Canadian).
@@ufileimpotexpert2856 ... unless this property is an investment held in an rrsp or tfsa.