What is 🇨🇦 T1135 Foreign Property Reporting Calculator?
A 🇨🇦 T1135 Foreign Property Reporting Calculator computes 🇨🇦 t1135 foreign property reporting from the inputs you provide. It applies the standard formula to the values you enter and returns the result instantly, without sending any data to a server. Required if cost of foreign property exceeds CAD $100,000.
🇨🇦 T1135 Foreign Property Reporting Calculator
Find out if you have to file CRA Form T1135, whether you need the simplified or detailed method, and the late-filing penalty exposure if you miss the deadline.
You must file Form T1135 if the cost amount of your specified foreign property exceeded CAD $100,000 at any point during the year. Use the simplified method ($100K-$249K) or detailed method ($250K+). Late penalty: $25 per day, max $2,500. Gross negligence can push it past $24,000.
Filing requirement
Required - simplified method
Source: CRA Form T1135 Foreign Income Verification Statement. Penalty: $25/day, $100 minimum, $2,500 maximum for late filing under normal circumstances. Gross negligence: 5% of the maximum cost amount during the year, plus the late penalty - can exceed $24,000.
How to use this calculator
- Enter the total cost amount (book value, not market value) of all your specified foreign property held at any time during the year.
- If you missed the filing deadline, enter the number of days late.
- If the CRA has alleged gross negligence (rare unless you knew about the requirement and ignored it), select Yes.
- The tool tells you whether filing is required, which method (simplified or detailed), and the penalty exposure.
About this tool
Form T1135 (Foreign Income Verification Statement) is a CRA disclosure form that Canadian residents must file if the cost amount of their specified foreign property exceeded CAD $100,000 at any time during the tax year. It is informational - filing it does not directly create tax owing. The CRA uses it to track offshore assets that might generate unreported income.
"Specified foreign property" includes funds in foreign bank accounts, shares of foreign companies (including US-listed stocks even if held in a Canadian brokerage), interests in foreign partnerships and trusts, foreign rental real estate, and certain other foreign assets. It does NOT include personal-use property abroad (vacation home you do not rent out), assets in registered Canadian accounts (RRSP, TFSA, RRIF, RDSP, RESP), and shares of certain Canadian corporations.
The math
When to use this
US stock investor
Hold Apple, Microsoft, or other US stocks in a non-registered brokerage account? They count toward the $100,000 threshold even if held in a Canadian-dollar account.
Returning expat
Came back to Canada from working abroad? Foreign bank accounts, retirement accounts, and brokerage accounts likely cross the threshold immediately.
Foreign rental property
A condo in Florida or a house in the UK that earns rental income gets reported on T1135 (and the income on your T1).
New immigrant
You only need to file T1135 starting in your second year of Canadian residency. The first-year exemption is one of the few breaks for newcomers.
What the tool does and does NOT handle
Does handle
- Whether the basic $100,000 threshold is crossed
- Simplified vs detailed reporting method
- Basic late-filing penalty (per-day calculation)
- Gross negligence penalty estimate
Does NOT handle
- What property is "specified" - varies by asset type, see CRA guidance
- Cost amount conversion from foreign currency (use the foreign exchange rate at acquisition)
- T1134 for foreign affiliates (separate form)
- Penalty under section 162(7.1) for additional violations of the late filing under specific circumstances
Common mistakes
- Using market value instead of cost. The threshold and reporting are based on COST AMOUNT (your adjusted cost base in CAD), not current market value. A $40,000 holding that grew to $150,000 may not trigger T1135.
- Forgetting US stocks in a Canadian brokerage. US-listed shares are foreign property regardless of where you hold them. Many Canadians miss this because the brokerage shows everything in CAD.
- Including TFSA / RRSP foreign holdings. Foreign property held inside a registered plan does NOT count toward the T1135 threshold.
- Missing the "any time during year" rule. If you held foreign property worth $120,000 in February but sold it before December, you still must file. The threshold is tested at the highest point.
- Forgetting to file because no income earned. T1135 is required even if the foreign property earned zero income. The form is about asset disclosure, not income.
Frequently asked questions
When is T1135 due?
Same as your tax return: April 30 for most filers, June 15 for self-employed individuals. The tax balance is still due April 30.
What is the late penalty?
$25 per day, minimum $100, maximum $2,500. After 100 days late, you hit the cap. Gross negligence raises this dramatically.
Are US stocks in a TFSA reportable?
No. Foreign property held inside a TFSA, RRSP, RRIF, RDSP, or RESP is excluded from T1135 reporting.
Does my Canadian-listed ETF holding US stocks count?
No. A Canadian-listed ETF (like XUU) is a Canadian corporation. Its underlying foreign holdings do not flow through to your personal T1135.
Is a foreign vacation home reportable?
Only if you rent it out. Personal-use property abroad (used solely by you and family) is NOT specified foreign property.
Do I need to file in my first year as a Canadian resident?
No. The CRA provides a one-year exemption for new residents. Filing starts the second tax year you are a Canadian resident.
What if I miscalculate and report less?
A genuine mistake corrected via a T1-Adjustment is usually fine. Concealment or repeated failures attract gross negligence penalties.
Can I file T1135 separately from my tax return?
Yes, but it is normally e-filed with your T1. If you missed it, file the standalone T1135 ASAP - the per-day clock keeps running.