I am in need of some advice.
I am a permanent resident of Canada. When I moved here, 4 years ago, I owned one third of a property in Brazil as a result of an inheritance. I have owned this property since I was a child, along with my mother and sister.
Last year my mother sold it (with my consent and using a power of attorney I left for her) and with her share of the money she bought a new property for herself, with her name only in the title. My money share went straight to her bank account as I agreed to give it to her, so this money after the sale was never actually "mine" per se. It never touched a Canadian bank account.
I guess my question is, is it considered capital gain here? Do I have to file this money as income in Canada? Even though it was given to my mother? Or should I not even mention it in my taxes here?
We know in Brazil this money will not be taxed and I am exempt from filing taxes there.
Any help will be greatly appreciated.
Thank you!
I am a permanent resident of Canada. When I moved here, 4 years ago, I owned one third of a property in Brazil as a result of an inheritance. I have owned this property since I was a child, along with my mother and sister.
Last year my mother sold it (with my consent and using a power of attorney I left for her) and with her share of the money she bought a new property for herself, with her name only in the title. My money share went straight to her bank account as I agreed to give it to her, so this money after the sale was never actually "mine" per se. It never touched a Canadian bank account.
I guess my question is, is it considered capital gain here? Do I have to file this money as income in Canada? Even though it was given to my mother? Or should I not even mention it in my taxes here?
We know in Brazil this money will not be taxed and I am exempt from filing taxes there.
Any help will be greatly appreciated.
Thank you!