Tax on Property money

[Immi52]

Can any expert advise me please, I have sold a property back at my native country recently and wired all the money in my USD account in RBC, I have declared this property at the time of landing about 2 years back but they did not put any stamp on the page. My queries are,

1) I made some profit, do I need to pay capital gain tax-if yes, how much
2) What sort of documents Canadian authority need to establish the profit as is almost all the cases in my native country, people depreciates the price inorder to give minimum taxes to the government.
3) I have filled 2 x tax returns in last 2 years but did not mentioned this property, is it an offense?, if yes what shall I do?

Please share your experiences.

Warm regards

 

[steaky]

You should make adjustment on your tax return and declare the capital gain. You would know how much tax to pay when you receive CRA letter.

 

[nekeol]

Can any expert advise me please, I have sold a property back at my native country recently and wired all the money in my USD account in RBC, I have declared this property at the time of landing about 2 years back but they did not put any stamp on the page. My queries are,

1) I made some profit, do I need to pay capital gain tax-if yes, how much
2) What sort of documents Canadian authority need to establish the profit as is almost all the cases in my native country, people depreciates the price inorder to give minimum taxes to the government.
3) I have filled 2 x tax returns in last 2 years but did not mentioned this property, is it an offense?, if yes what shall I do?

Please share your experiences.

Warm regards

as new immigrant for first three years no need to declare any taxable amount. If it is ur residence house then no need even inside canada

 

[torontosm]

as new immigrant for first three years no need to declare any taxable amount. If it is ur residence house then no need even inside canada

I have no idea where you are getting this information, but no such exemptions for new immigrants exists. You will have to pay the capital gains tax on your property sale; however, your cost base will be the value of your house when you landed in Canada rather than the original purchase price.

Also, when you were filing taxes for the last couple of years, there is a question that asks if you have foreign property valued at over $100,000. If you answered no to these question, CRA may not be too pleased.