Foreign bank accounts needs to reported or not?

[andrew999929]

Do I need to report my foreign bank account on my Canadian tax return if it is less than 100K CAD and doesn’t generate interests ??

 

[mad_hatter]

You only need to file form T1135 with CRA if your foreign asset exceed 100K. Foreign assets include bank deposit, real properties, stock & bond. Even US stocks in a Canadian Brokerage is consider as foreign asset.

 

[mad_hatter]

If you are new to Canada, you do not need to file T1135 with your first tax return. You will need to file thereafter.