https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html
Cost amount and the $100,000 reporting threshold
Is the $100,000 threshold based on the fair market value of the property?
No, it is based on the cost amount. The cost amount is defined in subsection 248(1) of the Income Tax Act and generally is the adjusted cost base and not the fair market value.
Assume that in 2013 I held shares in a non-resident corporation with a cost amount of $75,000 and, at the same time, I had a bank account in the U.S. with $35,000 on deposit. Am I exempt from filing Form T1135 since neither of the foreign properties has a cost amount greater than $100,000?
No. You must file Form T1135 since the total cost amount of all specified foreign property exceeds the $100,000 threshold ($75,000 + $35,000 = $110,000).
Assume I held specified foreign property during the year with a cost amount of more than $100,000, but held less than $100,000 at the end of the year (or no longer held the property). Do I still have to file Form T1135?
Yes. As long as you met the reporting requirement threshold of $100,000 at any time in the year, you must report on Form T1135 all specified foreign properties held during the year, even if you sold any or all of the property before the end of the year.
How do I determine the cost amount of foreign property acquired by way of gift, bequest, or inheritance?
The cost amount of foreign property acquired by way of gift, bequest, or inheritance is its fair market value at the time the gift, bequest, or inheritance was received.