I soft landed in Sep 2019, stayed here for a week and went back to my home country. ( India )
I moved to Canada permanently in Oct 2020. I will be filling my first tax return.
Do I need to file t1135 ( have assets in US > $100,000 ) with my first return, as I read online the first year you become resident for tax purposes you are exempt from this form.
I don’t have the answer but one question to which you may have answer already: Is $100k counted for anytime during the year 2020 or last day of 2020 or it is when you are filing the taxes for Canada?
anytime during the year 2020
I read about it and it says if you are part resident for the year means you moved in the first year of moving, this can be exempted… i tried simpletax and it gave that option to exempt… but turbotax didn’t talk about exemption…
While you may be exempt from the form, I don’t see any downside whatsoever to filing it. There are no tax implications that arise out of filing this, all you have to do is declare and itemize foreign property. If you’re in the middle of acquiring some property, just go ahead and declare that at the value you think is most accurate.
This is one of those things where declaring has no downside but not declaring has associated tax penalties.