Twitcher1958

We feel the same as you! Would rather get it sorted now rather than the problem rearing it's head in the future. Our slight dilemma is that there will be a certain fee associated with getting that retrospect valuation done and we are trying to get a feel for whether it's actually needed to justify that cost, also with the complication that we became tax resident here in Canada on different dates.
You certainly don't realise the full implications of these things when you decide to up sticks and move!

RKS_in_Calgary

Hi, just wanted to clarify whether I have to send a hard copy of my T1135 to the CRA as well as my netfile version as Ufile tells me to send it to them but I file electronically? It probably doesn't hurt to do both but wonder if this is really necessary (I can't find anything about this on the CRA website!) Any thoughts?

Twitcher1958

Don't think you can file the T1135 electronically - you have to post to an address in Ottawa given on the website

Souvy

My accountant filed mine electronically (a scanned document). I've already had my refund from the Feds.

I wish Revenu Quebec were as fast. We are both expecting a bundle from them and we could do with it to cover closing costs that we have coming. Soon.

DougC

So.... any more answers to my question about reporting house values on my T1135 & how that will affect capital gains?

Two days to go until I have to file........

Thanks,

DougC

smivers

I don't think anyone actually knows - this is the first year you have to declare. I listed my house as the value I can justify when I moved over, in CAD at the time I moved over. The solicitors are currently busy doing the paperwork for the sale of my house, so next year I will have to deal with the capital gains.

Twitcher1958

Doug - please note that for this year only, the T1135 filing deadline has been extended as per the CRA website
'Note that for the 2013 tax year, the CRA has extended the filing deadline to July 31, 2014 for all taxpayers. The CRA will not apply the late filing penalty where the form has been submitted on or before this extended filing deadline.'

DougC

Well spotted, Thanks!

Twitcher1958

You're welcome :-) Seems like we're in a similar position to you and it gives a little more time to sort things out.

Editha

They can also use the Land Registry index of house prices, which is available to search online.

PeterF

Just wading through this now, had same comment on the return from the tax I filed electronically saying I needed to enter the T1135.

Last year they simplified it by allowing us to enter foreign property income on form T776, which I did again this year, so when I send the T1135 I need to ensure I put a cover note telling them I already gave them this income, so I don't get double dipped.

Still confused by maximum cost amount during the year and end of year, as some are mentioning when they came to Canada, I presume both figures refer to 2013 only.

sgbolt

i called CRA and they mentioned to me the cost is the cost i paid for the property - not what it was worth when i arrived in Canada. I bought it ten years ago, surely they can't claim the capital from before i even lived here. I asked all my friends too who are in similar situation and they had their taxes filed by accountants and they all put the value of the house THIS tax year (2013). Confusing or what?

Aviator

The valuation is in CAD using the BOC rate on the day you became a tax resident. This is your base cost. You need a formal valuation though, not your best guess. It would only be the price you paid for it if you were a tax resident when you purchased the property.

It is a very straightforward form with clear and easy to follow instructions attached. See page three of the form 'Instructions, Cost Amount'

http://www.cra-arc.gc.ca/E/pbg/tf/t1...135-11-13e.pdf

"If you immigrate to Canada, the cost amount is the fair market value of the property at the time of immigration."

DougC

Aviator,

I agree that the form itself is very clear.

The problem I have (& I appear to not be alone), is the figures which I enter in the boxes will have a huge implication on future Capital Gains (even if I don't make any!) & I don't think CRA have thought this through.

What's your take on the question/ scenario I put forward in Post #43?

Souvy

Anyone noticed that the UK tax form has become a lot more demanding this year regarding "foreign" stuff?

It took me 10 minutes to file my return last year. This year I will have to hire an accountant in the UK. I can't make head nor tail of the form.

The US is also cracking down on this kind of thing, so I'm guessing other countries are too.