T1135 form question
 

Hi my husband and i have a rental property in uk. Do I put my half of income in this box or total amount of income between my husband and I? Also is it gross or net? Thanks

Re: T1135 form question
 

Your share of the value of the property and your share of the net income.

Re: T1135 form question
 

Thanks a lot. So definitely half the value of the house converted into cad and then our net income halved. I think i may have put the entire value of our house in last year. They certainly don't make it simple for you and they could!!

Re: T1135 form question
 

actually i just noticed that the t1135 form actually asks what the value of the property was during the year and at the end of the year, so wouldn't i have to put down the entire value rather than my share?

Re: T1135 form question
 

No, they want the cost of your share. For tax purposes your cost is your share of the market value on the day you moved to Canada converted at the exchange rate ruling on that day. Unless you do some major renovations the maximum cost and the year-end cost will be the same. If you never do any renovations it will be the same every year.

It gets a little confusing because you can report securities held in a Canadian brokerage at market value. With real estate they want the cost.

Re: T1135 form question
 

Thanks very much for helping. When i google the house price of my property for an idea of it's value I can find a few comparable houses - is there any advantage of putting down a slightly higher or lower value? Thanks