Do I need to file a T1135? Foreign Income Verification Statement

You must file if you are a Canadian tax resident and, at any time in the year, the total cost of all your specified foreign property was more than 100,000 CAD.

This threshold is based on cost amount (what you paid, not market value), and it looks at the total across all foreign assets combined.

Examples:
Any investments holding foreign stock with cost of 120,000 CAD → T1135 required.
Two foreign accounts at 60,000 CAD each (total 120,000 CAD) → T1135 required.
Foreign real estate held for rental or investment purposes.