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?
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?
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.
