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The T1135 and functional currency

by Intuit Updated 3 months ago

The T1135 in the T1 and T3 modules must always be completed in Canadian dollars.

The T1135 for 2023 in the T1 and T3 modules does not allow selecting a functional currency. The T1135 states:

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The election is made through filing election form T1296. The requirements to make this election:

A group of people standing around a table covered in paperwork.

In other words, an election cannot be made for a personal or trust filer, so they cannot report amounts on the T1135 using a functional currency.

For reference the election form T1296 can be found at this link.

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