T1135 - funds held outside canada


Just wondering, if a person have a trading account outside Canada, but the cost to acquired those shares are < $100,000 CAD. It a share option from the company. Now he sold the shares, because he no longer working there, and the funds in the account is more than $100,000 CAD. If he leave the funds in the account for future trading, does he need to file a T1135 indicating that he has funds held outside Canada over $100,000 CAD at any time during the year?

My answer is no, because it is not a bank account, it an investment account. But if he use the money to buy more shares and the when the cost is >100,000 CAD then he need to file T1135. correct?


My feeling would be as soon as the shares were sold and converted to cash he now has foreign assets in excess of $100,000. Cash in a foreign trading account is still considered funds held outside Canada.

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oh… I see… then easily for those investors, they will need to file T1135.