Hi everyone,
If corporation has GIC in US dollar at RBC over $100k, do they have to report under “7. Property held in an account with a Canadian registered securities dealer or a Canadian trust company” in T1135?
Thank you!
My understanding of the rules is no. The currency of the investment does not matter. It is where it is located. So a US GIC held by a US bank would be reportable but a US GIC held by a Canadian bank would not. It is cash located in Canada. Conversly if a Canadian dollar account holds US stocks (Apple etc) even if in Cnd dollars it is still reportable on the T1135 subject to the $100k limit. These are shares with head offices in the US so they are not located in Canada even though a Canadian Brokerage is holding the share certificates on your behalf. The company and not the share certificate locations is what drives it.
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