Does an estate or trust need its own T1135 for foreign assets?

Arsen Accounting Services · Question 199 · Sources checked October 29, 2026

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An estate or trust can have a foreign-property reporting obligation separate from the deceased person's or beneficiaries' obligations. Filing a T3 does not automatically satisfy Form T1135 requirements.

Assess the entity's own holdings

CRA says Canadian-resident individuals, corporations, and certain trusts must file T1135 when specified foreign property's total cost exceeds $100,000 at any time during the year. The legislation contains exclusions, so trust type and residency must be established.

The threshold is not simply the foreign income earned or the market value at year-end. Assets held through a Canadian investment account may still require review. The estate's cost records can differ from the deceased person's historic records.

Official guidance: [1], [2].

Separate reporting periods and ownership

For example, foreign securities pass into an estate and are later distributed to beneficiaries. Identify when each taxpayer held them and the cost applicable to each. Do not assume one T1135 for the deceased covers the entire administration period.

Prepare a foreign-asset inventory

• Asset descriptions, countries, and account statements.
• Acquisition or transfer dates and tax costs.
• Maximum holdings during the estate or trust year.
• Income, gains, distributions, and trust-residency information.

Ask the preparer to confirm whether an exemption applies and which reporting method is appropriate. Keep filing confirmation separately from the T3 confirmation. If assets are held through a foreign trust or company, identify that structure rather than treating every holding as an ordinary bank or brokerage account; additional reporting may require review.