If I own a condo in Houston worth $150,000, is it considered specified foreign property for Form T1135 if it is rented out for nine months with profit expectations and used personally for three months? What if it is rented out part-time without profit expectations just to cover expenses?

Specified foreign property does not include personal-use property. Personal-use property is generally defined as property owned by the taxpayer that is primarily used for personal enjoyment by the taxpayer or a related party, with "primarily" meaning more than 50%. Whether a property is considered primarily for personal use is assessed on a case-by-case basis.

In situation 1, since the property is not used mainly for personal enjoyment, it qualifies as specified foreign property and must be reported on Form T1135.

In situation 2, if there is no reasonable expectation of profit and the individual is only covering some of the condo's expenses, the CRA will view it as personal-use property. Therefore, it does not qualify as specified foreign property and is not subject to Form T1135 reporting requirements.