He purchased his life policy in HK (HK$1,000,000.-insured amount) when he was 30. He came to/landed in Canada when he was 50 in 2010. By that time the market value (cash value was HK $1,500,000.-)
Now, in 2021 the market value on Jan 1, 2021 /cash value is HK$2,000,000.- He paid the insurance premium out of his own pocket.
For 2021 t1, does he need to report in T1135? Is is to late to report in 2021? By the time when he cashed
the policy, say, Dec 2021, he would receive HK$2,200,000.-)
Any capital gain? Pls advise.
Are you sure that all these Saturday/Sunday questions are not course assignment homework due on Monday? 
Much better advice is to refer to the Income Tax Act directly, rather than generic internet postings.
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Lol, I actually get these types of questions a lot. From personal acquaintances. Especially the last couple of years. But, like Joe said, it’s going to be hours, looking at everything and research on the act.
Unless you are going to take an Yes or No answer online
It’s rather like the questions at parties (when we had parties back a century or so ago before the pandemic)…where “Uncle Bob” has told someone an arcane angle on tax and they want to know your thoughts.
My usual comment (and it took me literally years to learn this)): “Here’s my card. I’d be happy to research this during working hours. Call and make an appointment.”
(On the other hand, at a party of accountants and tax lawyers…quite a different story! No one talks tax.)