Taxes for new residents - money held in bank accounts prior to landing

[DSL]

My parents became permanent residents in October and I am frantically trying to get their taxes done.

As far as their foreign pension goes I think I have that covered as I have all the amounts from Oct-Dec 2018 and how much tax was deducted in the their home country (New Zealand) . I converted it all the CAD and entered it in line 115.

However there is a question that I am not sure how to respond:

Did you own or hold specified foreign property where the total cost amount of all such property at any time in 2018, was more than CAN $100,000.

They sold their house years ago and rented while waiting for their residency to be approved so they had the proceeds from the sale of their house just sitting in the bank. My question is do I have to answer yes to the above question??

Thanks,

 

[mad_hatter]

Your parents' pension income from New Zealand may be tax free in Canada, you should check with CRA.

If your parents have cash in bank account exceed CAD 100,000, you should answer yes to the question.