Mother M is retired, sold her primary residence, and invested the proceeds in a JTWROS with her adult daughter D. M is taking all the income from the investments, and paying all the taxes. Over $200,000 is invested in US$ securities, such as S&P index funds. Even though this is all through a Canadian investment company, my understanding is that M still needs to declare YES on the over $100,000 foreign ownership on her taxes. The investment company is issuing T3/T5 to M and D, but M is claiming them all.

My question is, does D also need to select YES on foreign property ownership of over $100,000 (assuming she has no other significant foreign assets)? The T3/T5 names her second, but the government clearly knows that she is on the account. If she does select YES, what would she claim on the associated T1135? The form asks to list "Property held in an account with a Canadian registered securities dealer or a Canadian trust company", along with Maximum fair market value, year end Fair Market Value, Income / Loss, Gain/Loss... Should she report half of the assets and none of the income/gain loss? Or should she report nothing, because as long as her mother lives, the entire amount is for her living expenses?