Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
Principal Issues:
Foreign reporting requirements where joint ownership by spouses.
Position:
Test is for each spouse's share if jointly owned.
Reasons: Law.
XXXXXXXXXX 2000-003309
J. Stalker
June 27, 2000
Dear XXXXXXXXXX:
We are writing in response to your letter of June 19, 2000 in respect of foreign investment reporting.
You have asked if you are required to report a foreign investment on Form T1135 which is jointly owned by you and your wife. We understand the cost amount of the investment is over $100,000 but each 50% share of you and your wife of the investment is less than $100,000.
If there is joint ownership of a foreign property between spouses, we would compare each spouse's share to the $100,000 threshold. Accordingly, if you and your wife have no other investment in specified foreign property, you and your wife are not required to report this foreign investment.
We trust our comments are helpful.
Yours truly,
for Director
Reorganizations and International Division
Income Tax Rulings Directorate
Policy and Legislation Branch
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