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Canadian Users - T1135 filing requirements

Comments, critical feedback, praise, or suggestions for new features.

Postby Allan » Wed Feb 11, 2015 10:55 am

For tax compliance and regulatory purposes the CRA has continued with the implementation of the form T1135 requesting details on foreign equities and investments. In order to assist with this filing requirement it would be useful to add certain information on country / geographic regions to Fund Manager.

I have been tracking for some time the Geographic focus within the program. The T1135 requirement however has a slightly different wrinkle. For ETF's and Mutual funds the country to be reported is that within which the ETF or Fund is being managed / held, which would be different from the funds Geographic focus (ie a Far East fund on the NYSE would be recorded as a US origin for the purposes of the T1135). I would like to continue to track on Geographic focus in addition to tracking the specific country of origin details required for the T1135.

I have looked at using the optional user fields to manage this, however several impediments exist
1) I am not aware of any updating feature to permit the field update of a group of existing stocks / funds, which would mean editing each and every item one-by-one to record the necessary information.
2) Reports do not currently use any of the optional user fields for filtering purposes - which would be extremely useful.
3) Data extracted needs to be analyzed on a monthly basis (max value for a region by month)

I would expect to export the data to Excel to refine the reporting, however addressing the items above would be greatly appreciated to reduce the amount of effort required to enter and extract this information.

Thank-you
Allan
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Postby Mark » Wed Feb 11, 2015 9:19 pm

Hi Allan,

Thanks for the idea/feedback. You could use one of the 3 sets of categories (Asset Type, Investment Goal, or Sector) to record this, but it would be a manual effort currently, as we don't have a feature that automatically retrieves this information. It could be something we add, like a 4th category that gets retrieved from a source on the internet, like Sectors and Asset Types are today.
Thanks,
Mark
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Postby Allan » Thu Feb 12, 2015 9:17 am

Thank-you for your response, and add some additional thoughts;

I am currently using the Investment Goal to track the the focus country (Geographic region) where the funds / ETF's / stocks are invested in the manner you are suggesting. The T1135 filing requirement is based on the source country from which the fund is being managed, which for the Funds / ETF's is different and requires an additional category as you have suggested.

The report which is most practical to address the T1135 is the Monthly Performance Report, using the metric "Value", and a filter field associated with the category used to track the source country from which the fund is managed.

The addition of another category would be most useful, and I would recommend the update be a CSV or similar file type using the File Import menu, in much the same way Investment Goal is managed today.

Thank-you
Allan
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Postby Mark » Fri Feb 13, 2015 9:43 am

Hi Allan,

Okay, understood, thanks for the feedback.
Thanks,
Mark
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Postby chancee » Wed Feb 25, 2015 9:28 pm

I second all this... I'd like more custom categories similar to Sector, asset type, investment goal, etc. Those are more useful and versatile.
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Postby Allan » Thu Feb 18, 2016 5:41 pm

Any more thoughts on a report / fields for the T1135 reporting in Canada?
While the simplified filing of the T1135 requires less information - the means to get to the simplified report remains virtually the same (ie need to know the 3 highest "cost" countries, and need to have market value by month).

Hopefully you are giving some thought to this, as again this year it has been several manipulations with the data and exporting to excel to produce the final report.

Allan
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Postby Mark » Thu Feb 18, 2016 6:05 pm

Hi Allan,

Sorry, no progress on this feature... This is not a trivial change. It requires a 4th category, and the ability to retrieve this information. Also, it sounds like you want it to be updated monthly, like if the countries change? Currently, the category assignments are not a function of time, once you set them, they will apply this way no matter what report dates you choose. Finally, you need to be able to retrieve this information from some source on the web. This seems like a very difficult task for most individual investors. This is a requirement for filing your taxes in Canada?
Thanks,
Mark
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Postby ThomasK » Tue Mar 08, 2016 9:44 am

Hi,

Background:
To chime in, now with respect to Canadian income tax reporting the form T1135 (Foreign Income Verification Statement) must be filed if "more than $100,000 Canadian is owned of a foreign property at any time in the year".

There is a delineation if the Total amount of foreign property is below/above $250,000 CAD

Question:
How can we use Fund Manger to extract that data?

A. Having the daily FX calculation already set up, can we generate an end-of-year report that lists those US holdings that at ANY POINT DURING THE YEAR exceeded $100,000 CAD? (so we know if T1135 applies AND what securities are affected)

B. Total CAD value of foreign holdings -- daily calculation. (so we can see if we exceed $250,000 CAD)

C. Total income during the year from all specified foreign property (already done by FM but shown for inclusiveness)

D. The amount of gain or loss from the disposition of all specified foreign property (already done by FM but shown for inclusiveness)

E. The top 3 countries (by indicating country code) based on the maximum cost amount of specified foreign property held during the year (this is Allan's original question that using Category Labels solves, again, FM does this but it is manual)

Thanks,
ThomasK
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Postby Mark » Wed Mar 09, 2016 11:42 am

Hi ThomasK,

Thanks for the background/explanation. For A/B you can use a Custom report with the field "Highest value (between)" to help here. You can also get this graphically, but with a Custom report, you could sort the report by this field, and easily see which investments are above any threshold.
Thanks,
Mark
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