Hello Experts,
Before moving to Canada in Jun-2018, I was residing in Singapore for more than 11 years. I am still a Singapore PR and I own a HDB flat and have money in my CPF account as compulsory savings. As everyone else back in Singapore, I have taken loan from HDB board and used partial funds from my CPF accounts to buy the HDB flat in Singapore. Now I am filling Income tax for first time in Canada. It is asking me to report foreign properties worth more than $100,000. I intend to sell the property soon. But as per rules I have to return all the money I have utilized from my CPF accounts (during house purchase) back to my CPF accounts after deducting the remaining mortgage. So in real I won't be gaining any money out of the house sale and all money will go to remaining mortgage and back to CPF account. Later once I give up my Singapore PR, I can withdraw all CPF amount.
So my questions are:
1. Do I need to declare my HDB house as foreign property and do I need to get property appraised from a property agent to get its current value or I can just use market value showed in the search tool websites?
2. Do I need to declare Singapore CPF amount anywhere in the tax form?
3. There is a tax treaty between Singapore and Canada, so once I withdraw my CPF amount, will it be taxed in Canada?
Any help on this matter will be really helpful.
Thank you and take care people.
Before moving to Canada in Jun-2018, I was residing in Singapore for more than 11 years. I am still a Singapore PR and I own a HDB flat and have money in my CPF account as compulsory savings. As everyone else back in Singapore, I have taken loan from HDB board and used partial funds from my CPF accounts to buy the HDB flat in Singapore. Now I am filling Income tax for first time in Canada. It is asking me to report foreign properties worth more than $100,000. I intend to sell the property soon. But as per rules I have to return all the money I have utilized from my CPF accounts (during house purchase) back to my CPF accounts after deducting the remaining mortgage. So in real I won't be gaining any money out of the house sale and all money will go to remaining mortgage and back to CPF account. Later once I give up my Singapore PR, I can withdraw all CPF amount.
So my questions are:
1. Do I need to declare my HDB house as foreign property and do I need to get property appraised from a property agent to get its current value or I can just use market value showed in the search tool websites?
2. Do I need to declare Singapore CPF amount anywhere in the tax form?
3. There is a tax treaty between Singapore and Canada, so once I withdraw my CPF amount, will it be taxed in Canada?
Any help on this matter will be really helpful.
Thank you and take care people.