I have many clients with joint accounts for which I have to take their foreign holdings (max value/cost, year-end value/cost, income, gain/loss) and divide it all by 2 manually.
I would really appreciate a T1135 manager similar to the S3M, where I can enter the total of each required amounts and simply indicate the spouse’s share.
I think this post deserves a bump! Can we get a T1135 worksheet to split between spouses/other parties like we have for Schedule 3?
Excellent point - I just wonder if you have a T1135 with 180K and you split it between two persons it then would be 90K each - would you still need the T1135? Would the T1135 have to show both names?
"I just wonder if you have a T1135 with 180K and you split it "
That would be a legal question, and would depend on the facts of a particular specific case.
Time has moved on from April 2019 when this was posted.
If a clients portfolio is such that it warrants it, it is now an easy matter to get this information from the brokers in spreadsheet-importable format, where it is a trivial matter to have it divided by 2 (or whatever the holdings may be, depending upon the underlying legal contracts and principles).
Also, recall that it is the taxpayer’s responsibility to record and report (certify) information returns such as the T1135, so the taxpayer and/or their accountant should at a minimum take a brief look at these various supporting reports and miscellaneous foreign information inputs before blindly copying figures from them into tax software for submission to CRA…
You’ve clearly missed the point. Your example of a simple foreign portfolio doesn’t fit the mould of all clients unfortunately.
Some clients have foreign brokerage accounts that need to be calculated manually for the T1135. Some clients have foreign holdings in dozens of countries that need to be manually input line by line on the T1135, and then a second time on the spouses T1135 (where the account is owned jointly). It’s time wasted doing mindless data entry, that could be easily sped up with a feature that already exists for Schedule 3 (and something that Profile implemented for the T1135 years ago)
By your same logic, most brokerages supply a realized gain loss summary, so Tax Cycle shouldn’t need the Schedule 3 Manager. But yet they have one, and it’s very useful to a lot of people.