Canada Taxes Saving Inquiry

[nikaz007]

Hey All,


I'm on work permit here in Canada and I recently purchased a house in India on a home loan .
So my question is :

1) Do I need to declare that I have a home loan or a property on my name outside Canada?
2) How can I save on Taxes in Canada ( as I have a EMI every month for my India Property ) .

Apologies If my query seem a silly one , new to this whole abroad tax thing

 

[steaky]

Hey All,


I'm on work permit here in Canada and I recently purchased a house in India on a home loan .
So my question is :

1) Do I need to declare that I have a home loan or a property on my name outside Canada?
2) How can I save on Taxes in Canada ( as I have a EMI every month for my India Property ) .

Apologies If my query seem a silly one , new to this whole abroad tax thing

If you are a Canadian tax resident, then will have to file a T1135 in your annual tax return for your property value $100,000 or more outside Canada. See this relevant thread:

https://www.canadavisa.com/canada-immigration-discussion-board/threads/sell-principal-residence-to-move-the-money-to-canada-after-being-approved-as-pr.830839/#post-10711302

2) Talk to an accountant