To bring the inherited asset to a PR holder from the home country

[pkshaji]

I would like to ask one quick question. I have the visa stamped and not landed yet to Canada. My planned landing date is June 2017. I have some inherited asset like land and building in India ( home country) . That I am planning to dispose of in 2020 ( after three years of landing ).

1. The disposed proceeds , is it possible to transfer to my bank account in Canada in 2020 without any tax ?

2. Should I declaring anything at the time of landing the value of the assets that I own in the home country ? I saw two forms like the things with me at the time of landing and the things that follow .. But nothing mention about the expected Cash that follow...

Please advice.... Thanks in Advance.

 

[steaky]

No need to declare if don't plan to establish residency until 2020.

 

[pkshaji]

I will be landing and establishing my residency in June 2017. But these fixed assets I will be disposing only by 2020, will be getting these proceeds ( cash) from India to Canada at that time.

So when I am landing , should I be declaring anything - about the fixed assets abroad that I own ? When I bring this money in 2020 , will this be taxable in any way ? as I am owning the property when I am establishing my residency now.

 

[zardoz]

I will be landing and establishing my residency in June 2017. But these fixed assets I will be disposing only by 2020, will be getting these proceeds ( cash) from India to Canada at that time.

So when I am landing , should I be declaring anything - about the fixed assets abroad that I own ? When I bring this money in 2020 , will this be taxable in any way ? as I am owning the property when I am establishing my residency now.

Cash is not a problem. Deposit in your own country's bank account and wire transfer it to Canada. No requirement to declare it either at landing or at later transfer date. No tax to be paid for the transfer but you may owe taxes on the actual sale, probably to your own government.

 

[steaky]

Cash is not a problem. Deposit in your own country's bank account and wire transfer it to Canada. No requirement to declare it either at landing or at later transfer date. No tax to be paid for the transfer but you may owe taxes on the actual sale, probably to your own government.

But he will probably have to declare those assets when he file his Canadian tax return in 2019/2020 and capital gain (loss) in 2021.

 

[Pratikkumar]

I am looking for same answer, but not getting any clear idea, planning to dispose off the property before landing to avoid taxes.

If someone has clear idea please advise...

Aren't there any CA in this forum?

 

[canuck_in_uk]

I am looking for same answer, but not getting any clear idea, planning to dispose off the property before landing to avoid taxes.

If someone has clear idea please advise...

Aren't there any CA in this forum?

This is an immigration forum, not a tax/accounting forum.

Hire an accountant.

 

[Almost_Canadian]

When you file taxes , there is a separate form to disclose any assets held overseas which are more than $200,000 (it may have changed). So I suggest you fill that form and declare those assets and add a note that you had these at time of landing.
Then in 2020 when you dispose of them , you can again declare through that form.

In my case, I had some land which I declared and later sold and money is still overseas so I declare it every year in the form. Value in terms of CAD moves up or down yearly ( based on currency fluctuation vs home country currency).

If your assets are less than amount they indicate, then no need for declaration.

Hope this is helpful

 

[Pratikkumar]

When you file taxes , there is a separate form to disclose any assets held overseas which are more than $200,000 (it may have changed). So I suggest you fill that form and declare those assets and add a note that you had these at time of landing.
Then in 2020 when you dispose of them , you can again declare through that form.

In my case, I had some land which I declared and later sold and money is still overseas so I declare it every year in the form. Value in terms of CAD moves up or down yearly ( based on currency fluctuation vs home country currency).

If your assets are less than amount they indicate, then no need for declaration.

Hope this is helpful

Hi Dear.

This is really helpful.

Appreciate your time,

 

[Pratikkumar]

This is an immigration forum, not a tax/accounting forum.

Hire an accountant.

Thanks for your reply. I believe I knew well this is an immigration forum and everyone in the forum are immigrants.

But i believe whole purpose of the forum is to advise and help fellow immigrants in areas where one is having some better knowledge, not to criticise or undermine them.

Thanks again for at least reading the post and spending few valuable seconds to post a reply.

 

[canuck_in_uk]

Thanks for your reply. I believe I knew well this is an immigration forum and everyone in the forum are immigrants.

But i believe whole purpose of the forum is to advise and help fellow immigrants in areas where one is having some better knowledge, not to criticise or undermine them.

Thanks again for at least reading the post and spending few valuable seconds to post a reply.

It is not a criticism of any sort. This is a public immigration forum where people provide advice for free based on their own experiences and research, key point in there being "for free". You asked for help with an in-depth tax situation that most people don't have experience with and specifically referenced any CAs on the forum. CAs charge money for their services and generally don't go around on public forums providing tax advice in their free time at no charge.

 

[pkshaji]

When you file taxes , there is a separate form to disclose any assets held overseas which are more than $200,000 (it may have changed). So I suggest you fill that form and declare those assets and add a note that you had these at time of landing.
Then in 2020 when you dispose of them , you can again declare through that form.

In my case, I had some land which I declared and later sold and money is still overseas so I declare it every year in the form. Value in terms of CAD moves up or down yearly ( based on currency fluctuation vs home country currency).

If your assets are less than amount they indicate, then no need for declaration.

Hope this is helpful

Thank you , It was really useful. +1