If you own “specified foreign property” where the total cost amount of all such property, at any time in the year, was more than $100,000 in the prior year, you must complete form T1135. Foreign property includes such assets as a Florida bank account, as well as shares of widely-held U.S. corporations such as Apple Inc. or Nvidia Corp. if held in a non-registered account. Personal use property, such as an Arizona condo, is excluded, as are any assets held in registered accounts such as a registered retirement savings plan (RRSP) or a tax-free savings account (TFSA).