Taxes for sale of residence overseas

[Nicholas Gallacher]

Hi. I was wondering if someone could help me. I came to Canada in Aug 2019 with my daughter. My wife and other daughter will be joining us from Korea on March 1st. We sold our apartment in Korea in Dec. We want to send the money feom the sale of the apartment to Canada. I understand that I can be taxed on real estate investment earnings earned after I became a PR in Aug, but have heard that this doesnt apply to the sale of your primary residence? Also my wife was advised by the banker in Korea to send me the money (about 300 000 CAD) as a gift. Is this wise, or should I declare the funds as the sale of my primary residence? Also, we may decide to wait a while for the exchange rate to improve as it is currently not in our favour. Is there any limit to the time we can wait before sending the money to still not pay taxes?

 

[canuck78]

Have you purchased a home in Canada? Do you have any other properties?

 

[Nicholas Gallacher]

No. I dont

 

[canuck78]

No. I dont

Based on the small amount of information we have it sounds like you shouldn’t have to pay tax on the capital gains and it would be declared your primary residence. This is only my opinion I’m not your accountant.