When does the $100,000 T1135 threshold matter for a newcomer?
Bottom line: After the first-year newcomer exception, Canadian residents generally file T1135 if specified foreign property has total cost amount over $100,000 at any time in the year.
What the current CRA rule means
The threshold uses cost amount, not simply current market value. If the threshold is exceeded at any time during the year, the reporting obligation can apply even if holdings later fall below it.
Why newcomers get this wrong
The first Canadian tax year combines several systems that are easy to mix together: immigration status, income-tax residency, benefit eligibility, filing access and foreign-information reporting. A rule that answers one of those questions does not automatically answer the others. For example, income earned before Canadian tax residency may be outside ordinary Canadian taxation but still be requested to calculate income-tested benefits or certain credits.
What to verify before filing
Confirm the date Canadian tax residency actually began, gather Canadian and foreign income records for the relevant periods, and keep documents supporting any cross-border position. If the issue involves a tax treaty, foreign corporation, trust, significant foreign investments or an uncertain residency date, the downside of getting the treatment wrong can be much larger than the cost of professional advice.
Primary CRA source
CRA — Foreign Income Verification Statement →
Related newcomer tax tools
Newcomer First Tax Return Checker →
2026 Newcomer Tax & Benefit Rules Reference →
First Canadian tax return guide →
Tax residency for newcomers →
Tax software in Canada →
This page summarizes public CRA guidance and is not personalized tax advice. Rules and forms can change.