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T1135 Canada

The T1135 form requires different information depending on the value of foreign assets. If the total cost of the foreign assets is under $100k CAD, the reporting is not required. If the total cost is above $100k but less than $250k the simplified method can be used which requires the information in the screenshot below:



If the CAD cost base of foreign assets is $250k or more then the detailed reporting method must be used. which requires the information in the screenshot below:
As a result, all T1135 reports generated from cointracking should be able to provide all required information for the detailed method of reporting directly above. Moreover, even if a user has only $20k of cryptocurrency, they will still need a detailed T1135 report generated from cointracking as they may have a $300k CAD cost base of other foreign investments such as stocks which would require them to report under the detailed method the total $320k (cryptocurrency and stocks). 

The reporting for cryptocurrency using the T1135 report can be quite subjective due to limited CRA guidance available. Different firms may approach it in different ways and choose to interpret the data with varying methods. But you can use all the data from the Cointracking report to fill in the detailed T1135. For description of property, use the total for each exchange (report the total summarized value for each investment account separated by country instead of individually listing each security). There is a lot of subjectivity in determining which country a cryptocurrency should be reported for, but it seems resonable to determine the country that the exchange or wallet houses the data in and use that. The cointracking report currently does not list the country of each exchange, since the data is extremely subjective and up to interpretation anyways. The remaining columns on the Cointracking report regarding gross income, max cost during the year, cost amount at year end, gross income, and gain/loss are all relevant and required and properly summarized for the way I report the cryptocurrency on the report. You also need to be aware if an asset is in cold storage in Canada (eg. on a ledger nano), this is important because it could potentially be argued assets in cold storage in Canada are not foreign assets. 
The "Details" spreadsheet contains the exact same columns as the "Report" spreadsheet in caseyou want to break out each individual cryptocurrency held instead of aggregate it with the exchange. 

That said, the interpretation is extremely subjective and users who must file a T1135 should always consult with a CPA since each situation is different.

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