Mutual funds on T1135

[PeteH]

Hello,

CRA site states that Canadian mutual funds (even holding foreign assets) do not need to be included on T1135. My question is - how does one distinguish whether an institution issuing a mutual fund is Canadian or maybe US ?

For eg. Canadian top 5 banks issued mutual funds are definitely Canadian mutual funds, there are some like Fidelity, Pimco, Mackenzie etc. which also issue Canadian and US dollar mutual funds in Canada - how does CRA distinguish which is and not Canadian mutual funds ?

Thanks,

[Geo123]

Hello PeteH,

You should check with the brokerage or securities dealer if the funds are Canadian or Foreign eg. Pimco and Fidelity are both Canadian and US based.

7. Property held in an account with a Canadian registered securities
dealer or a Canadian trust company
A taxpayer who held specified foreign property with a Canadian registered
securities dealer (as defined in subsection 248(1) of the Act) or with a
Canadian trust company (as determined under paragraph (b) of the definition
of restricted financial institution in subsection 248(1) of the Act) is permitted to
report the aggregate amount of all such property in this category.
The table for this category should be completed as follows:
• all of the property held with a particular securities dealer or trust company
should be aggregated on a country-by-country basis;
• it is also acceptable to provide aggregate totals for each particular
account on a country-by-country basis;
• refer to the "country code" instructions above to determine the
appropriate country for each property; and
• the maximum fair market value during the year may be based on the
maximum month-end fair market value

https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t1135/t1135-19e.pdf