I will be doing a soft landing in April 2022 to receive my PR card and then leave after a month to tie up loose ends in another country. I will not have any significant ties in Canada during this time so I will not be a tax resident during this year.
I'm planning on selling my foreign house so my question is what is the cost basis of property? Is it calculated when I first land in Canada or when I first become a Canada tax resident next year? I'm wondering because the value could increase from when I land and when I become a tax resident.
I'm planning on selling my foreign house so my question is what is the cost basis of property? Is it calculated when I first land in Canada or when I first become a Canada tax resident next year? I'm wondering because the value could increase from when I land and when I become a tax resident.