Wealthsimple Tax automatically populates the T1135 form based on information you enter in your tax profile. To ensure your T1135 is completed correctly:
- Navigate to the Personal information > Other stuff we have to ask section in your tax profile
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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?"
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Enter all relevant foreign property information in the appropriate sections of your tax profile
Important notes:
- All amounts must be reported in Canadian dollars
- Individuals cannot elect to use a functional currency for tax reporting
- Only corporations can make a functional currency election under section 261(3)(b) of the Income Tax Act
If you need to convert foreign currency amounts:
- Use the Bank of Canada's annual average exchange rate for the tax year
- Enter foreign amounts in the relevant sections of your tax profile
- Use the FX (foreign exchange) field to input the exchange rate if all your foreign amounts use the same rate
Wealthsimple Tax will automatically convert the amounts to Canadian dollars and populate your T1135 form.
If you have questions about reporting foreign property or currency conversion for tax purposes, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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