Money brought into Canada

[emiiuki]

If I land in May/June with my husband, leave him in Canada, go back home and return with children this time next year, will I have to declare tax for 2015 since I become PR?
If I don't have to, when do I declare value of my house back home - in tax application 2016?
And, who does the estimate of your property? Is it real estate agent or value from tax report in home country?

 

[jazibkg]

Generally every tax payer would have to declare their overseas assets worth more than $100,000 in their tax returns. Assets would include equities, indebtedness and properties. I suggest you read the CRA website for details.

unless that asset is a property dedicated for personal use (such as a house/apartment), or in use of a business. Foreign property rules are pretty complicated in this regard with no 'yes' or 'no' answer.

 

[cooldoc80]

hmmm , this is getting complicated ?

so you are saying our apartment is not included in this report ? so its just for properties that generate income ? right ?

 

[steaky]

hmmm , this is getting complicated ?

so you are saying our apartment is not included in this report ? so its just for properties that generate income ? right ?

In some cases, personal use properties are also subject to taxation. I would hire a professional accountant to define a 'yes' or 'no' answer.