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T1135 form as a new immigrant

skarme312

Star Member
Aug 2, 2017
141
13
Hi there. I became permanent resident of Canada in 2017, but officially moved to Canada in 2018 (Oct.). I used a CPA to file my taxes. He did not ask me anything related to T1135 (foreign assets) and hence it was not filed for 2018. I did have foreign income > 100,000. I checked online tax software (simpletax) and the Government of Canada website; seems like new immigrants are exempt from filing the form for the first year they become residents of Canada. My question is that does new immigrant in terms of T1135 mean the year he/she/they officially starts residing in Canada or the year he/she/they became PR. Note that I had no ties to Canada in terms of income, interest, bank account etc in 2017, hence did not file taxes.
 

steaky

VIP Member
Nov 11, 2008
10,670
775
Job Offer........
Pre-Assessed..
Hi there. I became permanent resident of Canada in 2017, but officially moved to Canada in 2018 (Oct.). I used a CPA to file my taxes. He did not ask me anything related to T1135 (foreign assets) and hence it was not filed for 2018. I did have foreign income > 100,000. I checked online tax software (simpletax) and the Government of Canada website; seems like new immigrants are exempt from filing the form for the first year they become residents of Canada. My question is that does new immigrant in terms of T1135 mean the year he/she/they officially starts residing in Canada or the year he/she/they became PR. Note that I had no ties to Canada in terms of income, interest, bank account etc in 2017, hence did not file taxes.
Short answer is: the year he/she/they officially establish significant residential ties in Canada
 

sid8tive

Hero Member
Nov 28, 2017
574
277
Category........
FSW
Visa Office......
Ottawa
NOC Code......
0213
App. Filed.......
14-12-2017
AOR Received.
14-12-2017
Passport Req..
23-04-2018
VISA ISSUED...
07-05-2018
LANDED..........
20-06-2018
To be clear; T1135 is exempt the first year they establish residential ties to Canada?
“An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident’s Form T1135 filing requirement in future years.”

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html