Confused ...urgently require help ....where to declare Real Assets

[geranimo]

Dear All

I will be landing temporarily in coming month. I have properties in my home country, which i will sell before I will land permanently within 2 years. I showed value of these properties at the time of applying for immigration in one of the forms. Now i am really confused and don't understand when and where i have to again show value of these properties so that when i will sell those properties in 2 years time and take sale proceeds to Canada then i will not have to face any capital gain or any other tax.

Similarly, I am just taking minimum threshold of cash on soft landing and will break all fixed deposits, sell all financial instrument and take cash at the time of permanent landing.

I am talking about serious wealth here around equivalent of CAD 800,000 value of properties in my country and CAD 200,000 worth of cash/liquid assets.

I don't understand process where should i declare these assets in Goods to follow or there is another form to use. Please help me.

Anxiously wiating for detailed advise and reply.

Thank you and prompt reply will be highly appreciated.

 

[canuck_in_uk]

Dear All

I will be landing temporarily in coming month. I have properties in my home country, which i will sell before I will land permanently within 2 years. I showed value of these properties at the time of applying for immigration in one of the forms. Now i am really confused and don't understand when and where i have to again show value of these properties so that when i will sell those properties in 2 years time and take sale proceeds to Canada then i will not have to face any capital gain or any other tax.

Similarly, I am just taking minimum threshold of cash on soft landing and will break all fixed deposits, sell all financial instrument and take cash at the time of permanent landing.

I am talking about serious wealth here around equivalent of CAD 800,000 value of properties in my country and CAD 200,000 worth of cash/liquid assets.

I don't understand process where should i declare these assets in Goods to follow or there is another form to use. Please help me.

Anxiously wiating for detailed advise and reply.

Thank you and prompt reply will be highly appreciated.

You don't declare them in goods to follow. You declare foreign property/assets when filing taxes.

If you sell the properties while you are a tax resident of Canada and you have capital gains, you will be required to pay any difference in taxes, depending on the tax treaty with your country, if there is one.