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T1135 Threshold Checker

Enter your specified foreign property at original cost. The tool converts each asset to CAD using the Bank of Canada annual rate for its acquisition year and tells you whether you need to file T1135 — and which method (Simplified or Detailed) applies.

⚠️ Important Disclaimer

This content is for informational purposes only and does not constitute legal, tax, accounting, or financial advice. Tax laws change frequently — always verify with the CRA and IRS or consult a qualified cross-border tax accountant before making decisions.

BorderBird is a rental-management and record-keeping tool. It is not an accountant and does not provide accounting, tax, or legal advice.

Rates and rules reviewed against CRA guidance and current for the 2026 tax year — last reviewed August 2026. Tax rules change; confirm against the source before filing.

Foreign rental property

Foreign bank accounts, foreign stocks held in non-Canadian brokerages, shares of foreign corporations, etc. — already in CAD.
Total foreign property (CAD)
$0
Other foreign assets (CAD)
$0
Grand total (CAD)
$0
✓ No T1135 filing required
Your specified foreign property cost base is at or below the CAD $100,000 threshold. T1135 is not required for this tax year. Re-check at the end of every year — the threshold applies if exceeded at any time during the year, not just at year-end.
T1135 deadline: same as your T1 (April 30, or June 15 for self-employed, but tax owed is still due April 30). Late-filing penalty: $25/day to a maximum of $2,500. Knowingly false statements: $1,000 base penalty plus additional. The CRA takes T1135 seriously — file even if no tax is owing on the underlying assets.

How T1135 thresholds work

  • Under CAD $100,000 total cost base — no T1135 required.
  • CAD $100,000 to $250,000 — T1135 required, Simplified Method (Part A): disclosure by category and country.
  • Over CAD $250,000 — T1135 required, Detailed Method (Part B): per-asset disclosure including maximum cost during year, year-end cost, gross income, and gain on disposition.

The threshold applies if exceeded at any time during the year, not just at year-end. So if you bought a $300,000 USD property in March and sold it in October, T1135 still applies for that year.

FAQ

What is T1135?
Form T1135 (Foreign Income Verification Statement) is filed annually with your Canadian T1 if the total cost base of your specified foreign property exceeded CAD $100,000 at any time during the year. The form discloses your foreign holdings to CRA — it doesn't trigger additional tax, but failure to file carries severe penalties.
What counts as 'specified foreign property'?
Foreign rental real estate (your US Phoenix rental, your Mexico vacation rental), foreign bank accounts, foreign stocks held in non-Canadian brokerages, shares of foreign corporations, foreign partnerships and trusts, foreign mutual funds, and foreign-currency debt owed to you. Specifically excluded: personal-use property (your Florida winter home you don't rent out), foreign property used in active business, and registered plan property (RRSP, TFSA, etc.).
Cost base or market value?
Cost base. T1135 uses the original adjusted cost base, not current market value. A property you bought for $200,000 USD that's now worth $400,000 USD is still reported at $200,000 USD (converted to CAD using the FX rate at acquisition).
Simplified vs Detailed method?
Simplified Method (Part A of T1135) applies when total foreign property cost base is between CAD $100,000 and $250,000 — you disclose by category and country only. Detailed Method (Part B) applies above CAD $250,000 — per-asset disclosure including maximum cost during the year, year-end cost, gross income, and gain on disposition.
What's the penalty for not filing?
Late filing: $25/day, up to $2,500. Failure to file knowingly: $500/month minimum, capped at $12,000 — plus 5% of the unreported foreign property cost. False statements: $24,000 minimum penalty. The CRA takes T1135 enforcement seriously; many cross-border landlords have been hit with multi-thousand-dollar penalties for missing the form even when no underlying tax was owing.
Does my US LLC count?
Yes if you own US real estate via an LLC — the LLC is a 'foreign affiliate' for Canadian tax purposes and must be reported on T1135 (and possibly T1134, separately). LLC structures for Canadian residents owning US rental property usually create more problems than they solve; consult a cross-border CPA before adopting one.
When is the T1135 deadline?
Same as your T1: April 30 of the year following the tax year (June 15 if you or your spouse have self-employment income, but tax owed is still due April 30). T1135 is filed separately from your T1 — it can be e-filed via CRA's NETFILE for individuals, or paper-filed.

Related

T1135 form guide →
Canadian landlord, US property →
USD/CAD Exchange Rates →
BorderBird for Canadian landlords → →