Declaring a foreign property in Canada tax return

[simpsonjos]

We moved to Canada for good last spring and this will be our first tax return in Canada. I do have a property (for which I am still paying mortgage) and the current value of the property is more than $100,000 CAD I intend to sell this property this year (2018). Should I be declaring this in my 2017 tax return. I had a rental income from this property last year. How should I go about with this?

Since we were living for 4 years prior to moving to Canada, I am also required to file my US tax return for the period Jan 2017 to Mar 2017. Should that income be reported in Canada tax return, as I will any way be filing a US return as well ?

Any thoughts will be much appreciated.

 

[steaky]

Since you have rental income for this property in 2017, you must report it in your T1 tax return. You can exclude Jan to Mar since you moved in April (if you meant April is the starting month of spring).

If you are US citizen, you will have to file that no matter what.

 

[simpsonjos]

Thanks for the clarification.