Tax and foreign home ownership

[websphereguy]

I am currently a temporary foreign worker with a closed work permit. I have been here for about slightly over 5 years. Prior to this I was a on student visa. I have always submitted my tax ever since I landed in Canada, but have never mentioned of my home that I owned overseas. Currently I am in the midst of applying for permanent residency which based on my estimate should be available to me by early next year. I guess my question is how / or what are the implications of not having declared my foreign home ownership in my tax forms for the past 5 years and should I then decide to sell my home back in Malaysia for money that I can then use for purchasing a Canadian home - how would that affect me? Would I also be tax by the Canadian government (CRA) for selling my home? If yes, it would seem unfair as it was after all my only home and first property.

Anyone with thoughts or advice on this?

 

[steaky]

Either hire an accountant to sort this out or send a PM to Amadan123 for advice.