What is the Specified Foreign Property (SFP)?

"SFP" stands for "Specified Foreign Property." When completing Form T1135, you need to report the following types of Specified Foreign Property:

• Funds or bank accounts held outside Canada.
• Shares of non-resident corporations (other than foreign affiliates).
• Indebtedness owed by non-residents (other than from foreign affiliates).
• Interests in non-resident trusts.
• Real property outside Canada (other than personal use and property used in an active business).
• Other property outside Canada, such as:
• Precious metals, gold certificates, and future contracts held outside Canada.
• Interests in partnerships that hold specified foreign property.
• Foreign insurance policies.

All specified foreign property must be reported if the total cost amount of all such property exceeds $100,000 (Canadian) at any time during the year.