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T1135 - funds held outside canada


#1

Hello,

Just wondering, if a person have a trading account outside Canada, but the cost to acquired those shares are < $100,000 CAD. It a share option from the company. Now he sold the shares, because he no longer working there, and the funds in the account is more than $100,000 CAD. If he leave the funds in the account for future trading, does he need to file a T1135 indicating that he has funds held outside Canada over $100,000 CAD at any time during the year?

My answer is no, because it is not a bank account, it an investment account. But if he use the money to buy more shares and the when the cost is >100,000 CAD then he need to file T1135. correct?

Thanks,


#2

My feeling would be as soon as the shares were sold and converted to cash he now has foreign assets in excess of $100,000. Cash in a foreign trading account is still considered funds held outside Canada.


#3

oh… I see… then easily for those investors, they will need to file T1135.