Selling an apartment back home and buy one here

[928029]

Hi,

I am now on my work permit and waiting for my PR. I planned to sell my apartment back home and buy one in Canada after landing.

My concern is how to determine the "earned income" from selling the apartment? I bought it six years ago and never rented it out, therefore I am not aware of the value of it when I first become a taxation resident two years ago.

Honestly speaking, it will be a pain in the arse if selling the apartment means paying high taxes, and doesn't help me get a better living condition in the end. (I reside in the city of rocket high property price called Vancouver, lol)

 

[david1697]

Are you 'ok' with commuting?

Me and my spouse spent some time researching various properties (rent and lease) in Canada and we found surprisingly affordable , beautiful family houses (not huge, but like 3br @ 1600-1700 sq/ft) within 100km (60 miles) of radius from major cities.
Searched neighborhoods with city-data and digged little more (schools , crime rate) and again, found good ratings (schools), low crime rates and family oriented areas.
I realize commute is the pain, especially during winter times, but you might just have to accept it or live in a small , run down condo at the convenient location close to the city center. Since we have kids, I think we would choose former, obviously you have to figure out what would work best for you.

Sorry, can't answer your question about taxes and earned income once you sell your property. I am not sure you have to pay any taxes on it unless you become a landed immigrant, but I might be completely wrong.

 

[KRP]

You will be taxed in India for the sale of your flat. You can invest in govt issued national highway bonds, keep it locked for 3 yrs and then remit it to Canada.