Guys! I am new to the forum. I landed in Ontario 6 months ago. I have a property under construction (house) in my home country. Its current value is about 200000 (two hundred thousantds CAD). However, I still need as much mony to complete it, meaning that I am still in the middle. I am not planning to sell it and may not be able to complete it right now (because so far I have no job in Canada). Indeed, I am still repaying a lone (about 50,000 CAD) I incured for its sake. Do I need to report this property on my first tax return file (to be filled early in 2011).
property under construction
- Thread starter kabana
- Start date
toby
Champion Member
- Sep 29, 2009
- 104
- Category........
- Visa Office......
- Hong Kong
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- November 2009
- Med's Done....
- October 2009 and 15 April 2011
- Interview........
- 4 April 2011
- Passport Req..
- 4 April 2011
- VISA ISSUED...
- 7 July 2011
- LANDED..........
- 15 July 2011
And keep good records of further costs to finish construction. All these costs will be part of the Adjusted Cost Base (ACB) of the property, and if you should sell it at a profit in future, only the sale price minus all costs will be taxable as a capital gain in your Canadian tax return.PMM said:
