Do I have to list all my stocks somewhere when I leave Canada?
Yes, if the picture is big enough. Anyone whose property subject to the deemed disposition has a total fair market value over $25,000 must file Form T1161, List of Properties by an Emigrant of Canada, with the departure-year return. Skip it or file it late and the penalty can reach $2,500.
The $25,000 test
| Item | Detail |
|---|---|
| Threshold | FMV of deemed-disposition property > $25,000 |
| Form | T1161 β list each property, its FMV, and cost |
| Deadline | With your departure-year return (generally April 30) |
| Penalty | Up to $2,500 for failure or late filing, plus interest |
Note the threshold uses fair market value, not your cost β a $30,000 portfolio with a $20,000 cost base still triggers the filing requirement.
What goes on the list
Every property subject to the deemed disposition: non-registered stocks, ETFs, mutual funds, private-company shares, foreign real estate, crypto. Excluded property (Canadian real estate, RRSPs, TFSAs) does not go on T1161 β but keep your own records anyway.
The form family, kept straight
| Form | Job |
|---|---|
| T1161 | Lists the properties (the inventory) |
| T1243 | Reports the deemed disposition and calculates the gain |
| T1244 | Elects to defer paying the resulting tax |
Frequently asked questions
My stocks are worth $24,000 β do I file?
No, if the total FMV of all deemed-disposition property is $25,000 or less. But keep records in case values are disputed.
I filed T1243 but forgot T1161. Is that a separate penalty?
Yes β they are separate information returns with separate penalties. File the missing one immediately.
Does the $25,000 include my Canadian condo?
No β Canadian real property is excluded from the deemed disposition, so it doesn't count toward the T1161 threshold either.
Sources
- https://mackisen.com/blog/departure-tax-when-leaving-canada
- https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/leaving-canada-emigrants.html (CRA)