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T
Tallen13
Level 2
March 22, 2022
Question

Reporting T1135

  • March 22, 2022
  • 1 reply
  • 1 view

I am filling out a T1135 for a client who has been investing since 2013 but has only reached the 100k threshold in 2021. I am just wondering if someone can tell me what # to tick for Individual Code - 1 or 2? Also, when reporting the amounts do I just report the 2021 amounts or the amounts for all of the years of investing?

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1 reply

J
janisbossenberry
Level 7
March 22, 2022

You use code 1 if the taxpayer or their spouse is self-employed.  Otherwise, use code 2.  For the $$ amounts, you are reporting the highest cost during the year.  Not the market value, but the total cost base of the investment portfolio, whenever purchased.  You also report the total cost base of the investment portfolio as at the end of the year.  So it does not matter when the investments were purchased - if the total cost exceeds $100,000 at any point during the year, you report.

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