Bringing money from sold property in abroad

[sujamana]

Hello Friends

I am thinking of buying a house in Canada and selling the my house in abroad, invest the same towards buying house in canada

since i landed already in 2010, looks like the funds which i will bring here will attract tax (capital gains tax)

My question is, how do i arrive the tax slab for Federal and Provincial since the property which i planned to sell is located out of canada.

if so, what is the slab?

i should transfer funds from abroad to my bank account in canada (assume this is fine?)

Please share your valuable comments.

Thanks a lot

-sujamana

 

[steaky]

I'm not sure what you mean by tax slab.

Anyways, you can certainly transfer funds from abroad to your bank account in Canada.

 

[blueshirt]

sujamana I did the same and had no issue in fund transfer. You don't have to pay tax on that income as it is already assumed to be taxed income from source country.

 

[PMM]

Hi

sujamana I did the same and had no issue in fund transfer. You don't have to pay tax on that income as it is already assumed to be taxed income from source country.

1. No, the difference in the value of the house when you became a tax residence of Canada and the date when you sold it, is capital gains and is reported on your income tax return.
2. I assume (if the property is valued over $100K) that you reported that property on you Tax return by filing a T1135

 

[sujamana]

thanks all for responding to my question and appreciate your time to confirm my assumptions.

 

[aashay12]

what the question you are asking that will be you be taxed on the sale of assets abroad.
I dont think so, since you are not a Canadian yet.
It only applies when you are Canadian, its called income on foreign assets.
Unless they changed the law, stating that a PR holder needs to declare it.
Then i dont know what (SLAB) tax bracket you fall under or how much you owe to Canada.

 

[blueshirt]

this is what I replied to sujamana as I did the same.

what the question you are asking that will be you be taxed on the sale of assets abroad.
I dont think so, since you are not a Canadian yet.
It only applies when you are Canadian, its called income on foreign assets.
Unless they changed the law, stating that a PR holder needs to declare it.
Then i dont know what (SLAB) tax bracket you fall under or how much you owe to Canada.