US term deposit in the Canadian bank + T1135

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johnsmith1
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US term deposit in the Canadian bank + T1135

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My US dollar term deposit is over 100k cad with a Canadian bank, do I need to file T1135? TIA!
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AltaRed
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Re: US term deposit in the Canadian bank + T1135

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You have not provided enough information on the origin of the product. If it is a US domiciled product like a US Tbill, and it cost you more than $100k CAD equivalent, then yes, my understanding is that it counts towards a T1135. If it is a Cdn domiciled product developed in Canada and sold by your bank, the it does not count. It has to be a foreign asset to count.
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johnsmith1
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Re: US term deposit in the Canadian bank + T1135

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Sorry, it's just a Canadian bank's 6 months US dollar term deposit. The money was in my bank's savings account earning little interests so I purchased a 6 month term deposit. So term deposit, GICs issued by Canadian banks don't count?
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Re: US term deposit in the Canadian bank + T1135

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They don't count.
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Re: US term deposit in the Canadian bank + T1135

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Further to my question, I know VOO counts. But how about ZSP.U listed on TSX?
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Re: US term deposit in the Canadian bank + T1135

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ZSP and ZSP.U are both Cdn domiciled ETFs of the S&P500. Neither one counts. The currency is irrelevant. It is where the asset/product is domiciled that matters.
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