Declaring my house

[JJ777]

Hi,

I am planning on landing in April. I am a home owner in my country of residence currently, however I do not plan on selling the property until I am completely settled in Canada.
Does anyone have any experience in transferring the money across without paying tax on it. Would I declare it on goods to follow form??

Any help is much appreciated.

 

[torontosm]

Hi,

I am planning on landing in April. I am a home owner in my country of residence currently, however I do not plan on selling the property until I am completely settled in Canada.
Does anyone have any experience in transferring the money across without paying tax on it. Would I declare it on goods to follow form??

Any help is much appreciated.

Your house can not be listed on the "goods to follow" form. The way it will work is that your house will be "appraised" the day you land in Canada to live, and that will be your Cost Base. Whenever you eventually sell your house, you will pay capital gains tax (roughly 23%) on the difference between your sale price and the Cost Base. so, if you sell it shortly after landing, no material taxes will be due. however, if you hold onto it and it appreciates, then you will be taxed on the incremental gain.

 

[JJ777]

Thanks torontosm