Is it true that new PRs are exempt from declaring foreign property for the first tax year?

[Tokibaee]

declaration of foreign property..is a house for personal use considered a foreign property? And is it true that New PRs don’t have to declare foreign property for the first tax year? Thank you

 

[Bs65]

Only comment I will make is that you would need to declare and pay tax on any capital gain between the time you establish residence in Canada and the time you sell. For more accurate information refer to the CRA website.

 

[Tokibaee]

Thank you Bs65. Would I need to declare if there’s no intention to sell? It’s my house

 

[APPNOV2014NY]

declaration of foreign property..is a house for personal use considered a foreign property? And is it true that New PRs don’t have to declare foreign property for the first tax year? Thank you

You will disclose foreign property over CAD 100k while filing taxes. If you land in July 2018, then you will not get opportunity to declare foreign property until you file your taxes in 2019.

 

[Tokibaee]

I landed in June 2018. So I have to file for taxes after Dec 2018 and before April 2019 correct?

 

[APPNOV2014NY]

I landed in June 2018. So I have to file for taxes after Dec 2018 and before April 2019 correct?

Approximately between 1st Jan 2019 and 30th April 2019.

 

[steaky]

You will disclose foreign property over CAD 100k while filing taxes. If you land in July 2018, then you will not get opportunity to declare foreign property until you file your taxes in 2019.

Except for personal properties, you don't need to disclose:

https://www.canadavisa.com/canada-i...threads/gifted-foreign-property-taxes.566746/