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Is it true that new PRs are exempt from declaring foreign property for the first tax year?

T

Tokibaee

Star Member
Apr 13, 2018
58
1
declaration of foreign property..is a house for personal use considered a foreign property? And is it true that New PRs don’t have to declare foreign property for the first tax year? Thank you
 
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Bs65

VIP Member
Mar 22, 2016
13,190
2,419
Only comment I will make is that you would need to declare and pay tax on any capital gain between the time you establish residence in Canada and the time you sell. For more accurate information refer to the CRA website.
 
A

APPNOV2014NY

VIP Member
Nov 21, 2014
3,005
1,099
Tokibaee said:
declaration of foreign property..is a house for personal use considered a foreign property? And is it true that New PRs don’t have to declare foreign property for the first tax year? Thank you
Click to expand...
You will disclose foreign property over CAD 100k while filing taxes. If you land in July 2018, then you will not get opportunity to declare foreign property until you file your taxes in 2019.
 
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