Declaration of Property during Landing

[RG43]

I will be landing into Canada in Jan 2019 and had questions in regards what declaring properties but unable to get a clear idea from anyone.
I have 2 properties in India through which I am earning rent but the money will stay in my Indian Account only

1. If I declare this property during my landing will I have to pay tax in Canada? if Yes how much?
2. If Yes would it be a one time tax or do I need to declare it every year?
3. Will I have any benefits in Canada by declaring this?
4. Will I have any benefits in India by declaring this?
5. If tomorrow I plan to sell this property and get the money to Canada will I get taxed on that money? if yes How much?
6. What documents do I need to show at the airport when landing to declare the property

 

[PMM]

Hi

I will be landing into Canada in Jan 2019 and had questions in regards what declaring properties but unable to get a clear idea from anyone.
I have 2 properties in India through which I am earning rent but the money will stay in my Indian Account only

1. If I declare this property during my landing will I have to pay tax in Canada? if Yes how much?
2. If Yes would it be a one time tax or do I need to declare it every year?
3. Will I have any benefits in Canada by declaring this?
4. Will I have any benefits in India by declaring this?
5. If tomorrow I plan to sell this property and get the money to Canada will I get taxed on that money? if yes How much?
6. What documents do I need to show at the airport when landing to declare the property

1. No, you don't have to declare the property on "landing" but you will need to have a valuation prior to "landing" as if you sell it in the future, you will have to pay capital gains tax in Canada on the difference between the valuation and the selling price.
2. You have to declare on your Canadian income tax if the total value of the property is over $100K (very expensive tax wise if you fail to declare yearly)
3. You will have to declare the rentals as income on your Canadian taxes, less reasonable expenses for maintenance, mortgage interest.
4. It depends whether there is a tax treaty between India and Canada so you are not subject to double taxation.
5. There are no tax implications in Canada if you sell the properties before "landing" and it doesn't have to be declared.