What must be reported on T1135s

What qualifies as Specified Foreign Property is described in a list in the Income Tax Act under subsection 233.3(1). The most common assets that qualify include bank accounts held abroad, shares of non-resident (i.e. foreign) corporations, interests in a non-resident trust, land or buildings held abroad, shares of Canadian-resident corporations held by the taxpayer (or for the taxpayer) abroad, an interest in a foreign insurance policy, precious metals and gold certificates held abroad, futures contracts held abroad, or an interest in a partnership that holds Specified Foreign Property.

Specified Foreign Property does not include property held or used exclusively in carrying on an active business, shares of a foreign affiliate, an interest in the indebtedness of a foreign affiliate, an interest in an exempt trust, personal-use property, or an interest in, or a right to acquire, any of the aforementioned excluded foreign property.

Personal-use property is defined in section 54 of the Income Tax Act and includes vacation property that is used primarily as a personal residence, and listed personal property such as works of art, jewelry, rare folios, rare manuscripts, rare books, stamps, and coins.