If the cost of all specified foreign property held at anytime during the year was $250k or more, you are required to complete part B - no simplified reporting allowed.
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Any Canadian traders here? How do you handle form t1135 and reporting of foreign securities?
- Thread starter El_Cubano
- Start date
If the cost of all specified foreign property held at anytime during the year was $250k or more, you are required to complete part B - no simplified reporting allowed.
Ok. I'm just trying to understand what at any time means. As in in no single point in time I never had over 250k on foreign assets. Which is the case
But over the year I traded over 250k in foreign assets, in total. But all those buys and sells and the notional value is not what's being referred to here
It is the value of the securities you held, any day during the year - securities gross position value end of day balance.
As an example, if any day last year you held 2 ES contracts after 5:15pm, you will have to do detailed reporting.
As an example, if any day last year you held 2 ES contracts after 5:15pm, you will have to do detailed reporting.
It is the value of the securities you held, any day during the year - securities gross position value end of day balance.
As an example, if any day last year you held 2 ES contracts after 5:15pm, you will have to do detailed reporting.
But if it was simply intraday and I was flat before market closed then I wouldn't have to do detailed reporting?
It is securities gross position value, end of day balance. So, if you closed all your positions every single day of the tax year, the maximum value of your foreign property was zero any day of the year and you do not have o fill the form at all.
Do you know how unlikely it is that you will get murdered by the IRS for making a mistake where you paid taxes owed, but just filed incorrectly? 0. You guys are so scared of people who have no claim to your mind space.
It is securities gross position value, end of day balance. So, if you closed all your positions every single day of the tax year, the maximum value of your foreign property was zero any day of the year and you do not have o fill the form at all.
Unfortunately I do have to file the form because I have other accounts and assets in the US over the 100k limit.
So since I have to file that to list those accounts the form needs to be generated.
And now since that form exists my day trading of US stocks gets dragged into it no? And I have to report those trades? Or like your saying I can just leave my daytrading off that form all together since I'm flat at the end of every trading session.
Read the CRA website and talk to your accountant for any confusion. I did a T1135 last year, and my current understanding is, you need to report T1135 if you have over $100K US stocks, even if in Canadian broker. This is a regular item for accountant, so they should be very familiar with it.