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The short answer
If the total cost of your specified foreign property was more than $100,000 at any time in the year but under $250,000 throughout the year, you may use the simplified method (Part A) of Form T1135. If the total cost reached $250,000 or more at any time in the year, you must use the detailed method (Part B). The test uses cost, generally your adjusted cost base, not market value.
The two thresholds that decide everything
Form T1135, the Foreign Income Verification Statement, is filed by Canadian residents whose specified foreign property cost more than a set amount. The CRA's questions-and-answers page on the form gives two numbers:
| Total cost of specified foreign property | What you file |
|---|---|
| $100,000 or less throughout the year | No T1135 |
| More than $100,000 at any time, but less than $250,000 throughout the year | T1135, simplified method (Part A) allowed |
| $250,000 or more at any time in the year | T1135, detailed method (Part B) required |
Two words in that table do most of the work. "Cost" means cost amount, which for most property is the adjusted cost base, not what the property is worth today. "At any time" means the peak during the year counts, even if you sold or spent the money before 31 December.
Which Nigerian assets count, and at what cost
The CRA lists what is and is not specified foreign property. For Nigerians in Canada the usual items are:
- Counted: money in Nigerian bank accounts, naira or dollar; shares of Nigerian companies, even if held through a broker; units of non-resident funds (you report the fund, not its holdings); foreign rental property held with a reasonable expectation of profit; and land producing no income, such as a plot held for the future.
- Not counted: personal-use property (used more than 50% for personal purposes, such as a family house you use on visits), property used exclusively in an active business, and property inside an RRSP or TFSA.
Cost is measured in Canadian dollars. Gifts and inheritances take a cost equal to fair market value when you received them. If you arrived in Canada holding the asset, its cost for T1135 purposes is fair market value when you became resident, and you generally do not file for your first year of residence.
Why the naira matters here
Because cost is fixed in Canadian dollars at the time of acquisition (or arrival), a falling naira does not reduce the cost of land or shares you already hold. For example, a Lekki plot that cost C$90,000 when you bought it stays at C$90,000 for the test, whatever it would fetch now. Bank balances are different: each deposit has its own cost, so a naira account's Canadian-dollar cost moves as money goes in and out.
Worked examples (illustrative figures only)
- Under the line. A Calgary resident holds a Lagos rental flat with a cost of C$70,000 and a naira savings account whose cost peaked at C$20,000. Peak total C$90,000: no T1135.
- Simplified. Same person, plus NGX shares with a cost of C$40,000 bought in March. Total reaches C$130,000 and never touches C$250,000: T1135 is due and Part A may be used.
- Detailed. A Toronto resident has an Abuja plot (cost C$160,000), a rental flat (C$75,000) and a dollar account whose cost briefly reached C$30,000 in June after a property sale. Peak total C$265,000: Part B is required for that year, even if the account was emptied by July.
What each method asks for
The CRA's page describes Part A as the simplified reporting method for the band between $100,000 and $250,000; the questions-and-answers page notes that it asks for the top three countries. Part B, the detailed method, reports by category of property and by country, with more information for each item. Property held through a Canadian dealer can be reported in aggregate by country under the category the CRA sets for it. Read the form's own instructions before you start; the simplified method is lighter, but both are information returns and must be accurate.
Deadlines and the cost of getting it wrong
The T1135 is due on your return's filing date, even if you otherwise have no return to file. The 2025 general guide gives 30 April 2026 (15 June 2026 if you or your spouse carried on a business). The CRA says there are penalties for late filing and false statements, and that relief may be requested on Form RC4288. If income from specified foreign property goes unreported and the T1135 was not filed, late or inaccurate, the CRA can reassess that year for an extra three years. Penalty amounts are covered in our T1135 late-filing article.
What to check first
- List every Nigerian asset and mark it counted or excluded.
- Find the cost of each in Canadian dollars at acquisition, gift, inheritance or arrival.
- For bank accounts, work out the highest total cost reached during the year, not just the year-end balance.
- Add up the peak; compare it with $100,000 and $250,000.
- Report the income from these assets on your return; the T1135 does not replace that.
For the land side, see Nigerian land and the T1135; for bank accounts, Nigerian bank accounts on the T1135. This is general information, not tax advice.
Where Pryme fits
The hardest part of the T1135 is reconstructing the peak in a naira account. A Pryme account keeps each currency balance separate with a dated history, and statements can be generated as verifiable documents through our partner VerifyDoc.ai (receipts and statements).
Questions people ask
Is the T1135 threshold based on market value or cost?
Cost. The CRA uses the cost amount, generally the adjusted cost base, not fair market value.
My Nigerian assets were over $250,000 only for a few weeks. Which method do I use?
The detailed method (Part B). The test is whether the total cost reached $250,000 at any time in the year.
Does my family house in Nigeria count?
Not if it is personal-use property, meaning used more than 50% for personal purposes. A property let out with an expectation of profit does count.
Do I file a T1135 in my first year in Canada?
Generally no. The CRA says new residents do not file for the year they first become resident, and later the cost is the fair market value when you became resident.
Sources
- CRA, Questions and answers about Form T1135 (modified 19 Oct 2026) · accessed Oct 2026
- CRA 5000-G, General Income Tax and Benefit Guide 2025 (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.