CNTower
2024-3-21 08:39:22
I can't make that decision. You have to convince CRA why didn't you include that HK property on your T1135 when you sold that property and transfer the money back to Canada.
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What’s not considered specified foreign property?
Not all foreign assets need to be reported on a T1135, however. Foreign property that’s exempt from T1135 reporting obligations includes:
Personal-use property (for example, a vacation home outside Canada that’s used mainly for personal reasons)
Property used exclusively in an active business
Shares or debts of a foreign company that are affiliated with your Canadian business
A principal residence outside of Canada
Interest in an exempt trust
A right to purchase any of the above