Capital Gains Tax exempt?

[nbd2]

Hey all,

Moved from Ireland, just got my PR last year. I'm just curious about a capital gains tax issue. If I sell a property in Europe w the sale is CGT exempt in Europe, do I have to pay CGT in Canada if I transfer over the proceeds of that sale? I'm no accountant, but I would think that being CGT exempt essentially counts as paying CGT?

Cheers,
N

 

[PMM]

Hi

Hey all,

Moved from Ireland, just got my PR last year. I'm just curious about a capital gains tax issue. If I sell a property in Europe w the sale is CGT exempt in Europe, do I have to pay CGT in Canada if I transfer over the proceeds of that sale? I'm no accountant, but I would think that being CGT exempt essentially counts as paying CGT?

Cheers,
N

1. You would have to pay capital gains tax on the difference between the value of the house when you became a resident in Canada and the date that you sold it.