Declaration - Property and Personal belongings

[nadernv]

Hello,

I recently received my immigration visa and I am planning to move to Montreal in a month. I have few questions about declaring my personal belongings and property in my home country:

1- When should I declare the home that I own in my home country? should I mention it while entering Canada and to the office who is interviewing me or should I file it in my upcoming tax return?

2- If I sell the house (approx CAD 500 K) and decide to bring the money to Canada, should I pay any taxes? Since I am going to declare that I have owned the house before entering Canada and on the other hand I will pay the taxes in my home country after selling it.

3- for declaring my personal belongings i.e. Car, jewelry, rug, silver, LEDs etc should I just list them in the related form or do I need to bring the documentations as well? i.e. the ownership document of my car, pictures of the listed items...

4- What is the deadline to bring these items or the money after selling them to Canada? and if I dont bring them to Canada before this deadline how can I do so? what is the tax policy for bringing them after this deadline?

many thanks,
Nader

 

[torontosm]

Hello,

I recently received my immigration visa and I am planning to move to Montreal in a month. I have few questions about declaring my personal belongings and property in my home country:

1- When should I declare the home that I own in my home country? should I mention it while entering Canada and to the office who is interviewing me or should I file it in my upcoming tax return?

2- If I sell the house (approx CAD 500 K) and decide to bring the money to Canada, should I pay any taxes? Since I am going to declare that I have owned the house before entering Canada and on the other hand I will pay the taxes in my home country after selling it.

3- for declaring my personal belongings i.e. Car, jewelry, rug, silver, LEDs etc should I just list them in the related form or do I need to bring the documentations as well? i.e. the ownership document of my car, pictures of the listed items...

4- What is the deadline to bring these items or the money after selling them to Canada? and if I dont bring them to Canada before this deadline how can I do so? what is the tax policy for bringing them after this deadline?

many thanks,
Nader

1. No need to mention your home at landing. You will have to declare it each year on your tax returns if the value is greater than $100,000
2. No, there is no tax on proceeds brought into Canada. If you sell your house before landing, the only taxes that will be due are the capital gains taxes in your home country.
3. Just list them with an estimated value. The more details you can provide (i.e., VIN number, serial numbers, descriptions, etc.), the better

 

[NvAv1922]

1. No need to mention your home at landing. You will have to declare it each year on your tax returns if the value is greater than $100,000
2. No, there is no tax on proceeds brought into Canada. If you sell your house before landing, the only taxes that will be due are the capital gains taxes in your home country.
3. Just list them with an estimated value. The more details you can provide (i.e., VIN number, serial numbers, descriptions, etc.), the better

Hi, I also have the same issue, have a property that I want to sell and bring the proceeds to Canada. If I don't sell it before landing or within the first year and I declare it on my tax return in Canada, do I have to pay taxes on it? Also, if I sell it after landing and my home country has no taxes on capital gains, when I bring the money to Canada, would i have to pay taxes there? My country has a double tax treaty with Canada. Any help would be appreciated.