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T1135 - Year of immigration

Although I can’t imagine CRA complaining if a T1135 is filed, is not required in the year of immigration (section 233.7):

  1. What is the reporting requirement for new immigrants? How is the cost amount determined for property that was owned at the time of immigration to Canada?
    An individual does not have to file Form T1135 for the tax year in which he or she first became resident in Canada. For a new resident, the cost amount of foreign property is its fair market value at the time he or she first became resident in Canada. Use this fair market value in determining the new resident’s Form T1135 filing requirement in future years.

TaxCycle still prompts to prepare/file a T1135 even if it’s an immigration return: perhaps would make sense to include a review memo noting not required when an entry date has been recorded.

Good tip to create an investment continuity of foreign assets @ FMV on date of immigration.

Good to add the immigrant workflow.