Tax-free until how long?

[rooster7]

Hi all,

Hoping to get some advice on this. Thank you in advance.

I moved to Toronto in April 2018. I have an apartment in the country I came from, which I have not been able to sell until now as the market is slow there.

My question is: how long can I wait until the money from abroad into Canada is tax free? I heard it's around 2 years. But I maybe wrong.

Thanks.

 

[PMM]

Hi

Hi all,

Hoping to get some advice on this. Thank you in advance.

I moved to Toronto in April 2018. I have an apartment in the country I came from, which I have not been able to sell until now as the market is slow there.

My question is: how long can I wait until the money from abroad into Canada is tax free? I heard it's around 2 years. But I maybe wrong.

Thanks.

1. Afraid you heard wrong. Any difference in the value from the date you "landed" and the date the apartment is sold, is considered capital gains and subject to tax in Canada. There is no holding money offshore, as in Canada you are taxed on your world wide income.

 

[rooster7]

Hi



1. Afraid you heard wrong. Any difference in the value from the date you "landed" and the date the apartment is sold, is considered capital gains and subject to tax in Canada. There is no holding money offshore, as in Canada you are taxed on your world wide income.

Thanks for your reply. The value hasn't increased from what I declared during landing (declared my net worth/assets). It has been pretty stagnant.
Does it matter when you bring the money in - whether it's in the first year or two years later after moving to Canada?

 

[mad_hatter]

Sale proceeds of principal residence are tax free. If the apartment you sold was your principal residence before you move to Canada then you do not need to pay tax on it. You just need to report the sale on the Schedule 3 of your tax return.

 

[rooster7]

Sale proceeds of principal residence are tax free. If the apartment you sold was your principal residence before you move to Canada then you do not need to pay tax on it. You just need to report the sale on the Schedule 3 of your tax return.

Thank you. it was not a principal residence, I had rented the apartment out. Haven't sold it yet though, hoping it will sell by next year. In this case, what do you think happens?

 

[mad_hatter]

Depends on the exchange rate, you may incur a gain or a loss. 50 percent of the gain will be taxed in the same year. 50 percent of the loss can be applied to other gains in the same year or carry forward to future years.

 

[parttimebasement]

Hi all,

Hoping to get some advice on this. Thank you in advance.

I moved to Toronto in April 2018. I have an apartment in the country I came from, which I have not been able to sell until now as the market is slow there.

My question is: how long can I wait until the money from abroad into Canada is tax free? I heard it's around 2 years. But I maybe wrong.

Thanks.

If you dont want money then ignore the comment below.
Why do you want to sell a property in a developing country and invest it in a stagnant developed economy.
After 10 yrs you will asking youself why I sold my property.

 

[torontosm]

Thank you. it was not a principal residence, I had rented the apartment out. Haven't sold it yet though, hoping it will sell by next year. In this case, what do you think happens?

Just so you are aware, the rental income that you collect is also taxable in Canada.