If you owned or held specified foreign property, you may need to file a T1135 (Foreign Income Verification Statement) with your tax return. For more detailed information about the T1135, including reporting methods and definitions, visit the CRA's T1135 question and answers page. Here's what you need to know:

What qualifies as specified foreign property:

• Funds held outside Canada
• Shares of non-resident corporations
• Debts owed by non-residents
• Interests in non-resident trusts
• Real property outside Canada (excluding personal-use property)
• Other property outside Canada

Steps to file a T1135 in Wealthsimple Tax:

1. Navigate to the Personal information section in your profile
2. Go to the Other stuff we have to ask subsection
3. Answer "Yes" to the question: "Did you own or hold specified foreign property where the total cost amount of all such property, at any time in the year, was more than CAN$100,000?"
4. This will automatically add the Foreign Income Verification Statement (T1135) section to your profile
5. Complete the required information about your foreign property in the newly added T1135 section

Important notes:

• The $100,000 threshold applies to the total cost of all your specified foreign property
• You need to file a T1135 even if you didn't earn income from the foreign property
• Penalties may apply for failing to file or for incomplete/incorrect filing

Remember:

• Keep detailed records of your foreign property and any related income
• The reporting requirements can be complex, especially for large amounts of foreign property

If you're unsure about whether you need to file a T1135 or how to report your foreign property, consider consulting with a tax expert.