Khadi1993

I want to know Credit card issued by Foreign bank need to be reported in Form 1135 and if yes, under what category? In short is Credit Card ( Like bank accounts) in Foreign banks is Specified Foreign Property Per CRA website Specified foreign property ( that must be included in Form T1135) is defined in subsection 233.3(1) of the Income Tax Act and includes: funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada tangible property situated outside Canada a share of the capital stock of a non-resident corporation shares of corporations resident in Canada held outside Canada an interest in a non-resident trust that was acquired for consideration an interest in a partnership that holds a specified foreign property unless the partnership is required to file Form T1135 a property that is convertible into, exchangeable for, or confers a right to acquire a property that is specified foreign property a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable an interest in a foreign insurance policy precious metals, gold certificates, and futures contracts held outside Canada.

Funds in Foreign bank accounts should be reported in Form T1135 ( Foreign Income verification satement). I want to know Credit card issued by Foreign bank need to be reported in Form 1135 and if yes, under what category? In short, Credit card issued by Foreign bank is Foreign Specified property ? Per CRA website Specified foreign property is defined in subsection 233.3(1) of the Income Tax Act and includes: funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada tangible property situated outside Canada a share of the capital stock of a non-resident corporation shares of corporations resident in Canada held outside Canada an interest in a non-resident trust that was acquired for consideration an interest in a partnership that holds a specified foreign property unless the partnership is required to file Form T1135 a property that is convertible into, exchangeable for, or confers a right to acquire a property that is specified foreign property a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable an interest in a foreign insurance policy precious metals, gold certificates, and futures contracts held outside Canada.