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The short answer
Yes. Money held in Nigerian bank accounts, naira or domiciliary, is specified foreign property for Form T1135. You must file if the total cost of all your specified foreign property was more than C$100,000 at any time in the year, measured in Canadian dollars. Personal-use property, assets in an RRSP or TFSA and property used only in an active business are left out, and you do not file for the year you first became resident.
What T1135 is
Form T1135, the Foreign Income Verification Statement, is an information return. It does not create tax; it tells the CRA what foreign property you hold so that it can check the income on your return. Only Canadian residents file it. It is due on or before the due date of your income tax return, which for most people was 30 April 2026 for the 2025 year, and it is due even in a year when you do not have to file a return.
Are Nigerian accounts included?
The CRA’s T1135 questions and answers treat funds held in a bank account outside Canada as specified foreign property; its worked example uses a US bank deposit, and the same logic applies to a Nigerian account. The currency does not decide the answer: a naira savings account, a US dollar domiciliary account and a fixed deposit with a Nigerian bank all count. So do accounts held jointly, for your share.
| Nigerian asset | Counts for T1135? |
|---|---|
| Naira current or savings account | Yes |
| Domiciliary account in USD, GBP or EUR at a Nigerian bank | Yes |
| Fixed deposit or treasury bills held in Nigeria | Yes |
| Shares in Nigerian companies, including through a broker | Yes |
| Vacant land or a rented-out flat in Nigeria | Yes (land producing no income still counts) |
| A house in Nigeria used more than half the time by you personally | No, personal-use property |
| Property used only in your active business | No |
| Foreign shares inside an RRSP or TFSA | No |
The C$100,000 test is about cost, at any time
Two details trip people up. First, the test uses cost amount, generally your adjusted cost base, not market value. Second, it applies at any time in the year: if you crossed C$100,000 for one week and then spent the money, you still file for that year. For money in a bank account, the practical figure is the Canadian-dollar amount of the balance. The CRA converts foreign amounts at the Bank of Canada rate for the relevant day, under its reporting-currency folio.
Example only. Tunde, resident in Toronto since 2023, holds a naira account worth C$18,000, a dollar domiciliary account worth C$27,000 and a plot in Ibeju-Lekki that cost him C$60,000. Total cost: C$105,000. He must file T1135 for the year, even though no single asset is over C$100,000. If he sells the land in June, he still files for that year, because he was over the threshold earlier in it.
Simplified or detailed reporting
- More than C$100,000 but less than C$250,000 throughout the year: Part A, the simplified method. You tick the categories of property you hold and list the top countries.
- C$250,000 or more at any time: Part B, the detailed method, listing each account or property by category, with country, maximum cost in the year, cost at year end and income.
For Part B, bank accounts go under funds held outside Canada. Our guide to simplified versus detailed reporting for Nigerian assets takes you through each line.
Newcomers and the first year
You do not file T1135 for the tax year in which you first became resident. For later years, the cost of property you already held is its fair market value on the date you became resident. So the naira savings you brought from Lagos are measured at their Canadian-dollar value on your residence date, not what you put in years earlier.
Keeping track during the year
Because the test is the highest total at any point, a single large inflow can push you over. Common triggers for Nigerians in Canada are the proceeds of a land sale sitting in a Lagos account for a few weeks, a family contribution parked in your domiciliary account before it is spent on a building project, or an inheritance; the T1135 questions and answers say a gift or inheritance is recorded at its fair market value when you received it. A quick monthly note of each account’s balance in Canadian dollars is enough to show whether you crossed the line.
Why it matters
The penalties for missing T1135 do not depend on whether you owed tax. Late filing costs C$25 a day for up to 100 days, a minimum of C$100 and a maximum of C$2,500, and harsher penalties apply for knowing or grossly negligent failure. The CRA also gets three extra years to reassess income from the property if T1135 was not filed, late or wrong. If you have missed years, read T1135 late filing penalties and voluntary disclosure.
Filing T1135 is separate from reporting the income. Interest on a Nigerian account is reported on line 12100 every year, in Canadian dollars, whatever the balance. See also whether Nigerian banks report to the CRA.
Where Pryme fits
Working out the highest balance in the year is easier when your statements are clean. A Pryme multicurrency account keeps each currency separate, and verifiable statements generated with VerifyDoc.ai give you a record to keep with your tax file. Naira held in Pryme is a Nigerian account, so it counts towards T1135 like any other.
Questions people ask
Do I need to report my Nigerian bank account to the CRA?
You report the interest every year. You also file T1135 if the total cost of all your foreign property, including Nigerian accounts, was over C$100,000 at any time in the year.
Is the T1135 threshold based on market value?
No. It is based on cost amount, generally adjusted cost base. For bank balances, use the Canadian-dollar amount of the money held.
Does my house in Nigeria count for T1135?
Not if you use it mainly for personal purposes. A property rented out for profit, or land producing no income, does count.
I moved to Canada this year. Do I file T1135?
Not for the year you first became resident. From next year, the cost of what you held is its value on your residence date.
Sources
- CRA: Questions and answers about Form T1135 (modified 19 Oct 2026) · accessed Oct 2026
- CRA: Table of penalties, foreign reporting (modified 20 Oct 2026) · accessed Oct 2026
- CRA Income Tax Folio S5-F4-C1, Income tax reporting currency · accessed Oct 2026
- CRA: Line 12100, Interest and other investment income (modified 20 Jan 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.