PeteH Posted July 11, 2023 Report Share Posted July 11, 2023 Hi, Was wondering if a foreign bank account needs to be included on T1135 form if it's been opened but has never been used (ie. zero balance on the account since opening). Thanks, Quote Link to comment Share on other sites More sharing options...
Geo123 Posted July 12, 2023 Report Share Posted July 12, 2023 Hello PeteH, Canadian residents must file Form T1135 when the cost amount of their foreign property exceeds $100,000 at any time during the year. Does this mean that a person does not have to report income from foreign property where the cost amount of that property is below $100,000? Canadian resident taxpayers must report and include in their income for Canadian tax purposes all the income they earn from foreign property, regardless of the cost amount of the foreign property. If the cost amount of the taxpayer's foreign property exceeds $100,000, the taxpayer must also file Form T1135. The $100,000 threshold means that many Canadians do not need to comply with the reporting requirements of Form T1135, but this does not exempt them from paying tax on any income earned on such property. https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html#h2 Quote Link to comment Share on other sites More sharing options...
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