Foreign Life Insurance Policy reporting on T1135

Hi there,

A non-resident come back and settle down again in Canada. He used to be a tax resident and had been living in other country for a few years where he subscribed for a life insurance policy. By the time he come back, he had paid accumulated insurance premium of $50,000, but the CSV is only $40,000 in the year of return. Despite every effort, the ACB is never available from the foreign insurance company. In that year, the insurance annual statement showed that he had earned $3000 dividend on the policy.

The question is, in the absence of the ACB from the insurance company, which amount above should we report as “cost” of the foreign property on his first year T1135? Should it be the accumulated premium paid of $50,000 or the CSV of $30,000 in the year of return.

Thanks for your advise.