T1135 foreign brokerage account

[PeteH]

Hi,

Was wondering if one needs to include a foreign brokerage account? (total foreign asset is >$250k).

And whether it's the brokerage account itself needs to be reported OR only the investments within the brokerage account needs to be reported? 

Thanks,

[Geo123]

Hello PeteH,

IF USA based brokeage can enter as one total as per below  (if CRA wants the detail they will ask you - keep the account statements)

Detailed reporting method

In each of the tables below, provide the required details of each specified foreign property held at any time during the particular tax year.

A taxpayer who held specified foreign property with a Canadian registered securities dealer or a Canadian trust company is permitted to report the aggregate amount, on a country by country basis, of all such property in Category 7, Property held in an account with a Canadian registered securities dealer or a Canadian trust company.  < - - - -IF CANADIAN broker

 

For example

Categories of specified foreign property

Select the category of specified foreign property held at any time during the year

2. Shares of non-resident corporations (other than foreign affiliates)

 Description of property [MorganStanleyUSA_Account_SeeList]

 Country code [United States]

 Maximum cost amount during the year [$255,000.00]

 Cost amount at year end [$251,000.00]

 Income [$1,000.00]

 Gain (loss) on disposition [$0.00]

[PeteH]

Thanks - what happens if the brokerage account is neither Canada or USA based ? 

Do I then report the brokerage account balance OR list each securities within the account ? 

Thanks again,

[Geo123]

Hello PeteH,

Same principle applies to non USA foreign account(s).