The T1135 Foreign Income Verification Statement must be filed with the CRA if the total cost amount of your specified foreign property exceeded $100,000 CAD at any point during the tax year — not just at December 31st. If you crossed the threshold in January and sold everything by March, the filing obligation still applies for that year.
Specified foreign property includes foreign shares held directly in non-registered accounts, foreign bonds and debt obligations, interests in foreign trusts, and foreign bank accounts with deposits over $100,000 CAD. It does not include property held inside registered accounts — RRSP, TFSA, FHSA, and RESP holdings are all exempt. Canadian ETFs listed on the TSX that hold foreign equities (such as XEF, VXC, or XUU) generally do not count as specified foreign property because you hold Canadian fund units, not the underlying foreign securities directly.
The threshold is based on cost amount — what you paid — not current market value. A position that declined in value after purchase is still counted at its original cost for threshold purposes.
The tracker above adds up the cost amounts of up to five foreign holdings and compares the total to the $100,000 CAD threshold. Use it to check your position before tax season or after making a significant foreign purchase. It is a calculation aid only and does not constitute tax advice — if your total is near or above the threshold, consult a Canadian tax professional or review the CRA T1135 guidance.