Partial ownership of foreign property (T1135)

[PeteH]

Hi, 

Was wondering how does one report a "partial ownership" of a foreign property (ie. not referring to joint ownership). I'm referring to transferring a "tax free" amount on a yearly basis to a family member due to gift tax. The family member is a Canadian tax resident. The property is NOT a income producing property. 

In other words, the child who receives the "gift" will have an yearly increment of the foreign property until the full amount of the property is transferred. My question is - does the child need to report the yearly corresponding "gifted amount" (ie. increases yearly) on T1135, or can this be reported once the property has been completely transferred in a few years?

Thanks,

[Geo123]

Hello PeteH,

Please check with the CRA.  I checked the CRA website and do not locate anything relating directly to your question

Questions and answers about Form T1135

This webpage addresses many of the more commonly asked questions about Form T1135.
For more information or specific details, call the general enquires line at:

    1-800-959-5525 for businesses, self-employed individuals, and partnerships
    1-800-959-8281 for individuals (other than self-employed individuals) and trusts
 

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html