Hi all senior members,
I am asking on behalf of the family of my buddy Jonathan. My buddy's wife Betty studied high school in Alberta and landed as PR with her parents in Nov 2013, she spent another 22 months in Alberta for studying college after landing. After graduation, she has not worked or filed any tax return in Canada and went back to Hong Kong with her whole family without any tie with Canada as she got a job offer in Hong Kong. She got married with Jonathan (not Canadian nor PR) in Dec 2015 and he bought a apartment under both names in Hong Kong. Here are their situations:
- Betty would like to go back and live in Canada for good before Sep 2018 in order to fulfill her RO.
- Jonathan will apply for sponsorship 18 months later in order to finish his job contract in Hong Kong.
The questions:
1. Once Betty goes back to live in Canada for more than 183 days, she will file her first tax return for that year. Does she need to pay tax for the apartment jointly held by Betty and Jonathan in Hong Kong?
2. If the selling of apartment is taxable, is there any difference between selling the apartment before or after Betty goes back to Canada and becomes resident again?
3. What if Betty not declare this apartment in Hong Kong for her tax return and let Jonathan selling the apartment and keep the money as Jonathan is actually the one who paid for the down payment and mortgage?
Your input is precious as they are thinking they should sell it now or sell it later.
Thanks
I am asking on behalf of the family of my buddy Jonathan. My buddy's wife Betty studied high school in Alberta and landed as PR with her parents in Nov 2013, she spent another 22 months in Alberta for studying college after landing. After graduation, she has not worked or filed any tax return in Canada and went back to Hong Kong with her whole family without any tie with Canada as she got a job offer in Hong Kong. She got married with Jonathan (not Canadian nor PR) in Dec 2015 and he bought a apartment under both names in Hong Kong. Here are their situations:
- Betty would like to go back and live in Canada for good before Sep 2018 in order to fulfill her RO.
- Jonathan will apply for sponsorship 18 months later in order to finish his job contract in Hong Kong.
The questions:
1. Once Betty goes back to live in Canada for more than 183 days, she will file her first tax return for that year. Does she need to pay tax for the apartment jointly held by Betty and Jonathan in Hong Kong?
2. If the selling of apartment is taxable, is there any difference between selling the apartment before or after Betty goes back to Canada and becomes resident again?
3. What if Betty not declare this apartment in Hong Kong for her tax return and let Jonathan selling the apartment and keep the money as Jonathan is actually the one who paid for the down payment and mortgage?
Your input is precious as they are thinking they should sell it now or sell it later.
Thanks