Who must complete Quebec’s foreign asset disclosure for 2025?

Quebec residents who held specified foreign property with a total cost of $100,000 or more at any time in the year must disclose. This typically applies to non‑registered holdings like U.S. stocks, foreign bank accounts, or rental property abroad. Registered plans are generally outside this type of reporting.

How do I calculate the $100,000 threshold for Quebec foreign asset reporting?

Use the cost amount in Canadian dollars, not market value. Add the original purchase cost and certain related expenses for all specified foreign property held outside registered accounts. Convert each item at the appropriate exchange rate. If the combined cost ever reaches $100,000 during the year, disclosure is required.

Do RRSPs or TFSAs count toward the $100,000 disclosure threshold?

No. Registered plans such as RRSPs and TFSAs are typically not included in this disclosure test. The focus is on non‑registered accounts and other specified foreign property. Still, keep full records for all accounts and confirm rules each year, since administrative guidance can change over time.

What are the key 2026 tax filing deadlines in Quebec and federally?

Personal returns are due April 30, 2026. Self‑employed individuals, and their spouses, can file until June 15, 2026, but any balance is usually due by April 30 to avoid interest. File federally via CRA NETFILE and in Quebec via Revenu Québec ImpôtNet, and pay online to post quickly.

How should I convert foreign income and gains on my return?

Apply consistent methods. Many use the Bank of Canada annual average rate for recurring income and the transaction‑date rate for purchases and sales. Convert all amounts to Canadian dollars, keep rate sources, and document your approach so CRA and Revenu Québec can follow your calculations if reviewed.

Global Market Insights

February 24: Canada Tax Season Opens as Quebec Tightens Foreign Asset Rules

ByDanny Kontos February 24, 2026February 24, 2026

The Canada Revenue Agency tax year is now in full swing, with online filing open and Quebec launching Revenu Québec ImpôtNet for 2025 returns. Returns are due April 30, 2026, or June 15 for self‑employed, with balances typically due April 30. Quebec foreign asset reporting now requires residents to declare foreign property with a total cost of $100,000 or more, raising compliance stakes for investors holding U.S. or other foreign securities in taxable accounts. We outline deadlines, new rules, 2025 tax changes, and practical filing steps for Canadians.