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Selling house in overseas and bringing money to Canada(Tax questions-PR/Student)

Mindy Baek

Full Member
Mar 10, 2020
37
13
Hello this is Mindy and I have some questions regarding tax in Canada.

I am not a permanent resident and I will start my study in Sudbury, Ontario from this September to 2023.
My husband will come with me and work in Canada during that time.

We are going to Canada to become a permanent resident in the end but before we leave South Korea I would like to know whether we should sell the house now or later.

We bought the house in 2018 and we want to rent it out if we do not have to sell the house right now. However if we should pay enormous tax according to when we sell the house, we would like to change our plans.
  1. If we rent it out our house, there will be additional income. We will pay the tax in Korea of course, and it seems we should declare the income to Canada. Am I right? How much tax should I pay in Canada? Is there any percentage related to my income from rent?
  2. I read some forums and it seems I have to pay tax if I sell my house in Korea after I come to Canada. How much the tax would be? What is difference between Permanent Resident and student(or worker) in terms of tax if I sell my house during my stay in Canada?
Thank you in advance for your time.