Foreign income verification statement

[braveman]

Hi friends....
I am from India, living in canada since 4 years. We got PR by October 2013.
I am planning to file IT returns and along with that I am planning to submit 'Foreign income verification statement'.

In this income verification statement I have to declare 'funds held outside canada'
I noticed below 2 fields in that
1. Maximum cost amount during the year.
2. Funds held at year end.
Can anyone explain me the above 2 fields?

I need to declare 'real property outside canada'. In the bracket it's mentioned other than personal use and real estate used in an active business
- what does it actually mean ??

Other property outside canada
Can I declare the gold jewelry under this??

 

[Rosie1957]

I assume that the value of your "specified foreign property" is greater than $100,000 CDN, yes? Because otherwise, you don't need to file this form.

For property you held before immigrating to Canada, the cost amount would be the value at the time of immigration. For property acquired after immigration, the cost amount would be the value at the time of acquisition - the purchase price if you bought it, the fair market value at the time it was given to you if it was a gift.

Most of the time, the maximum cost and the cost amount at year end are going to be the same. However, this would not be true for property you disposed of during the year. It would also not be true if the cost amount *increased* during the year because you made capital improvements to the property (for example, to a building or to land).

Specified foreign property does not include property that you own solely for your personal use. For example, it would not include jewellery that you owned solely for your personal use. On the other hand, it *would* include jewellery that you bought and kept for investment purposes.

Specified foreign property also does not include real estate used in an active business, i.e., a business that you yourself play an active role in operating (vs. a business in which you're invested passively).

Say that you're a Canadian resident who owns a condo in the States, in Florida. If you use the condo solely when your family is vacationing in Florida, that's personal property. If you use the condo solely to meet with business clients for a business you actively operate, that's real estate used in an active business. But if you rent the condo out and collect rental income on it, it becomes specified foreign property.