Twitcher1958

Looking for feedback from anyone who has or did have a house in the UK - - in particular what is required to demonstrate value of house at time of move to Canada?
We had a relatively informal valuation carried out on our UK house within our first year here in Canada - we have an email message stating a range of values (within 3.5% of estimated value). It has been successfully let out for most of our time here (nearly 4 years) so at present we do not plan to sell it, particularly as we envisage spending more time in the UK once our citizenship goes through.
This is particularly pertinent at present as we need the original value/cost and same in 2013 for the T1135 updated form, but also will need 'something' in the future to calculate the capital gain.
Can anyone offer advice as to what we would need to produce - wondering whether we need to have a 'proper' valuation carried out for the specific dates on official headed paper, which has an associated cost, of course.

Aviator

A formal valuation is always the easiest to support. However a letter from a couple of estate agents, on letterhead and signed would likely suffice. The annual FX rate can be obtained from the Bank of Canada website for the currency conversion.

Novocastrian

i'm not sure that this is the right thread to post on, but I've had an immensely frustrating afternoon doing my tax returns on Turbotax all because of the T1135.

Now, I've used TT for several years without pain, but they've ****ed up this year something awful. I need to fill in T1135 because I have assets (basically bank accounts) abroad containing for the most part an inheritance.

You go through TT and the only thing you can click on is a "CRA question box" asking if you have had assets worth more than $C100,000 at any point during the year. Err, yes. But then nothing, nada, no more information, no reference or link to T1135. which it turns out doesn't exist because CRA (bless their hearts) haven't figured out a way of filing a new T-1135 electronically.

FFS. I figured out after a couple of shots of anaesthetic that you have to go to the CRA website to find T1135, print it out, read the arcane instructions, then attempt to access the fillable pdf, to do which requires a download of an obscure version of WTFDIK.2.10 of Adobe Reader.

I eventually managed to do it right, but between Intuit, CRA and Adobe, they've made a royal mess of it.

Grrr.

Jackandvictor

Hi
We are submitting a valuation done in spring 2012 from YourMove. I couldn't get my head around doing taxes here so it is now with the accountant. She said it was better to split the house between both of our tax allowances for some reason about tax brackets. Needless to say this is a whole new ball game here! The new form also needs the bank account information from the UK with maximum funds held during the year and a year end figure. That I can do:
HTH

Shirtback

I feel your pain, & I wasn't blessing their hearts Last year was my first encounter with T1135. And despite reading the (fairly useless, IMHO) instructions multiple times, I'm still second- guessing myself.

I've mostly found CRA stuff straightforward, & relatively easy. T1135 wasn't/isn't

S

Novocastrian

It wasn't so much the T1135 itself, it was the fact that there is absolutely no reference to it in Turbotax and that the CRA have starting using the new version without making it possible to file it electronically. I mean, FFS. It's the 21C already.

Shirtback

Yes. FFS sums it up nicely Plus I was surprised/bemused/confused at the lack of info (regarding property) concerning what proof of values may or may not be required

S