How to claim that I have a property in overseas?

[ecstrom]

Hi all there,

I am going to do landing process on March 1. I have a property under my name in overseas. My question is should claim this to the officer? Cuz I may sell this property in future and bring the money to Canada. I don't wanna make any trouble with CRA or pay tax on this capital gain.... ???

 

[thisisauser]

Hi all there,

I am going to do landing process on March 1. I have a property under my name in overseas. My question is should claim this to the officer? Cuz I may sell this property in future and bring the money to Canada. I don't wanna make any trouble with CRA or pay tax on this capital gain.... ???

I don't know if you need to claim it but in terms of how... well, how do you prove it's your property in your home country? Use the same documentation and have it translated by a certified translator.

 

[ecstrom]

I don't know if you need to claim it but in terms of how... well, how do you prove it's your property in your home country? Use the same documentation and have it translated by a certified translator.

yup, I already translated it and have a notary document with me in Canada now.

 

[PMM]

Hi

Hi all there,

I am going to do landing process on March 1. I have a property under my name in overseas. My question is should claim this to the officer? Cuz I may sell this property in future and bring the money to Canada. I don't wanna make any trouble with CRA or pay tax on this capital gain.... ???

1. If it is worth over $100K you declare it on your first Canadian income tax.
2. You should have an evaluation done, close to your landing date, as when you sell you will have to declare the difference between the valuation and selling price as capital gains on your income tax. You don't claim it when "landing" as it is a tax matter, not Immigration.

 

[ecstrom]

Hi

1. If it is worth over $100K you declare it on your first Canadian income tax.
2. You should have an evaluation done, close to your landing date, as when you sell you will have to declare the difference between the valuation and selling price as capital gains on your income tax. You don't claim it when "landing" as it is a tax matter, not Immigration.

thanks~~~ now I need to work how to make my property evaluation as high as possible~