Please note that while the CRA has accepted the worksheet itself, the related instructions and French version are with the CRA for formal sign-off and should not be construed as advice.
We are sharing this example that we hope will answer many of the questions about the calculation of aggregate fair market value by country of property in accounts with Canadian registered securities dealers and
trust companies. Slide 17 of the November 18, 2014 webinar presentation showed a T1135 worksheet reflecting the different ways people were interpreting the requirements that highlighted the confusion at the
time. An example the IIAC prepared has now been confirmed with the CRA, and the CRA agreed we can share this version publicly in advance of it being posted on the CRA website.
SAMPLE FOREIGN ASSETS WORKSHEET
Instructions for Section 7 of Form T1135:
Step 1: Identify the Canadian registered securities dealer or trust company.
Step 2: List each security with values at month-end grouped by country.
Step 3: Total all security values by country by month.
Step 4: Transcribe the highest month-end and year-end market values by country onto Form T1135 and select the appropriate country code for each from the accompanying dropdown box as shown in the sample
completed T1135 below.
Step 5: Insert and total the income (loss) and the capital gains (losses) on disposition by country and transcribe onto Form T1135.
Step 6: Repeat for any foreign holdings at another Canadian registered securities dealer or trust company.
Security
January
February
March
April
May
June
July
August
September
October
November
Income
(Loss)
December
Capital Gains
(Losses)
Country: USA
AT&T INC
$56,000
$60,000
$56,000
$58,000
$60,000
$65,000
$0
$0
$0
$0
$0
$0
APPLE INC
$12,000
$15,000
$12,000
$16,000
$12,000
$18,000
$12,000
$19,000
$12,000
$20,000
$25,000
$24,000
$3,000
$750
BERKSHIRE H
$12,000
$15,000
$13,000
$16,000
$12,000
$11,000
$12,000
$19,240
$12,000
$25,020
$23,000
$20,000
$250
Subtotal USA
$80,000
$90,000
$81,000
$90,000
$84,000
$94,000
$24,000
$38,240
$24,000
$45,020
$48,000
$44,000
$1,000
$12,000
$3,000
Country: GBR
RBS
$12,000
$0
$0
$0
$0
$0
$12,000
$19,000
$12,000
$20,000
$25,000
BR DREDGING
$51,000
$15,000
$12,000
$16,000
$12,000
$61,000
$12,000
$19,000
$12,000
$20,000
$12,000
$25,000
$500
Subtotal GBR
$63,000
$15,000
$12,000
$16,000
$12,000
$61,000
$24,000
$38,000
$24,000
$40,000
$37,000
$37,000
$500
$0
Country: CHN
$0
$0
$0
$0
$0
$0
$12,000
$19,000
$12,000
$20,000
$12,000
$25,000
CH PETE/CHEM ADR
BAIDU INC S/ADR
$13,000
$15,000
$13,000
$11,000
$13,000
$15,000
$50,000
$11,000
$13,000
$15,000
$13,000
$11,000
CHINA MOBILE
$15,000
$20,000
$15,000
$25,283
$15,000
$22,283
$0
$0
$0
$0
$0
$0
Subtotal CHN
$28,000
$35,000
$28,000
$36,283
$28,000
$37,283
$62,000
$30,000
$25,000
$35,000
$25,000
$36,000
$0
($2,500)
$171,000
$140,000
$121,000
$142,283
$124,000
$192,283
$110,000
$106,240
$73,000
$120,020
$110,000
$117,000
$1,500
$500
Total for Month
($2,500)
Note:
Summary:
USA
GBR
CHN
HIGH
HIGH
HIGH
$94,000
$63,000
$62,000
$219,000
Year-end
Year-end
Year-end
$44,000
$37,000
$36,000
$117,000
Use the above worksheet to complete Form T1135 as shown below:
1. This sample spreadsheet is provided as an example of how to calculate the correct highest-month-end by country for non-Canadian financial assets held with Canadian
registered securities dealers.
2. Report the highest month-end values by country ($94,000, $63,000 and $62,000), which sum to $219,000. Do NOT use the highest account month-end balance ($192,283) and
then country month-ends for that month ($94,000, $61,000 and $37, 283 = $192,283).