Hi, my client need to report T1135 foreign property. He owns 50% of foreign private corporation. In this category(#2 share of non resident corporation), max cost during the year and cost at the end of year is required. What amount should be put there, contributed capital?
Thanks a lot!
His cost is the cumulative amount that he has contributed towards his investment in the foreign corporation (shares and/or loans). This is a cumulative amount, not just his investment during 2020. His maximum cost during the year may be the same as the cost at the end of the year if he did not receive anything back from the foreign corporation that would reduce his investment in the entity.
If he owns 50% of a foreign private corporation he may also have a requirement to file a T1134 unless the foreign corporation is considered inactive. That can be a nasty document to complete. 
Thanks a lot! T1134 is for foreign affiliate. If this corporation is not related to any Canadian corp, is there need to fill T1134?
The T1134 isn’t just reserved for Canadian corporations. A non-resident corporation can be a “foreign affiliate” of any taxpayer (individual, trust, partnership, or corporation) who is a resident of Canada.
Subsection 95(1) includes a definition of Foreign Affiliate;
foreign affiliate, at any time, of a taxpayer resident in Canada means a non-resident corporation in which, at that time,
(a) the taxpayer’s equity percentage is not less than 1%, and
(b) the total of the equity percentages in the corporation of the taxpayer and of each person related to the taxpayer (where each such equity percentage is determined as if the determinations under paragraph (b) of the definition equity percentage in subsection 95(4) were made without reference to the equity percentage of any person in the taxpayer or in any person related to the taxpayer) is not less than 10%,
except that a corporation is not a foreign affiliate of a non-resident-owned investment corporation; (société étrangère affiliée)Thanks and appreciate your help!