Declaration Of Investment Property

[Shahzadk6789000]

I need to know if I have an property for investment in Pakistan and I will receive money from investment property later when I arrived in Canada, so do I need to declare in declaration card and do I have to pay for tax for second time bringing goods or Funds or funds from investment property.

 

[torontosm]

I need to know if I have an property for investment in Pakistan and I will receive money from investment property later when I arrived in Canada, so do I need to declare in declaration card and do I have to pay for tax for second time bringing goods or Funds or funds from investment property.

No, you don't have to declare it at landing. You will declare it when you file your first tax return.

You will be taxed on any income (rent) that you generate from the property while you are a tax resident of Canada. In addition, you will have to pay capital gains tax on the difference between the property value when you become a tax resident, and the eventual value that you sell it for.