If someone has a Principal Residence outside Canada is worth over $100000 Cdn but not generating any income. Do we need to say yes to the question for foreign property over $100000 Cdn, and do we need to fill out 1135?
Foreign Principal Residence, as personal property, does not get reported on the T1135.
Yes to foreign property, no to T1135.
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When we select yes to the question, TC highlights to fill 1135. Should we ignore this warning or there is a line on 1135 to explain that this is principal home?
That checkbox relates to “Specified Foreign Property”. Which means you check “Yes” only if the client has Specified Foreign Property.
Personal Use property isn’t Specified Foreign Property. So you wouldn’t check the box for that.
When we select yes to the question, TC highlights to fill 1135. Should we ignore this warning or there is a line on 1135 to explain that this is principal home?
Thanks everyone for the information.