Referring to the CRA's Form T1135 - Reporting for 2014 and later tax years they have some changes from last year. The one that caught my eye is the following:
Does this mean I must now report the value of my foreign assets, which is apparently;CRA wrote:4. The reporting exception that excludes certain property from the detailed reporting requirement where the taxpayer has received a T3, Statement of Trust Income Allocations and Designations or a T5, Statement of Investment Income from a Canadian issuer is eliminated.
Last year I recall a check box saying that I had foreign assets, but it was held in a Canadian institution that gave me a T slip. It is going to be annoying to find the highest value. At least you only need to look at the end of the months.CRA wrote:The total value to be reported is the highest fair market value at the end of any month during the year in addition to the fair market value at year end. The aggregate income (loss) earned in the year, and the gain (loss) realized from all dispositions during the tax year must also be reported.
While we are at it...is "highest value", taking into account the drop in our Canadian dollar? A sizeable chunk of my US gains were from our dollar dropping so much. In some cases I had more unrealized gains from that than I did from the asset itself increasing in value!
And a third question: Simple Tax has on their T1135 a statement saying you can file this online this year. Studio Tax mentions nothing about filing that statement online or mailing only (as in previous years). CRA says they are working on having it able to be submitted online. Anyone have any more information? I guess the safest is to mail it in.