CRA Property Disclosure
Posted date : Dec 19, 2023.
My sister insists that you must declare your vacation home in Arizona that is used by only you in the winter months as foreign property on your tax return under Revenue Canada Guidelines. Do you have the Revenue Canada guideline that states this, or conversely states that your vacation home is exempt from disclosing as foreign property?
Tyrone Wayne Bohnet
Calgary, AB
Ed.: The appropriate CRA tax form regarding foreign property is T1135. Foreign Property includes bank accounts, stocks, bonds and real estate. However, you do not have to declare real estate that is owned primarily for your own personal use. A foreign-owned RENTAL INCOME property valued over $100,000. CAD must be declared.
Specified foreign property is defined in subsection 233.3(1) of the Income Tax Act. The exemption for personal use property is specified in section 233.3 (1) (p).
