Tax implication on o/s and Canadian property when emigrating from cabana

[Nicky2021]

Does any have any insight on tax implications for the following scenario:

Moving to Dubai and we currently have a residential property in Canada and a rental property in Canada. Plus have a rental property in New Zealand. Intention is to only sell the residential property in Canada.

What capital gains, NRWT implications would there be on all or none of the three properties.

Note we will be leaving Canada as tax residents.

Thanks

 

[mad_hatter]

Does any have any insight on tax implications for the following scenario:

Moving to Dubai and we currently have a residential property in Canada and a rental property in Canada. Plus have a rental property in New Zealand. Intention is to only sell the residential property in Canada.

What capital gains, NRWT implications would there be on all or none of the three properties.

Note we will be leaving Canada as tax residents.

Thanks

If the residential property is your principle resident, you would not have to pay capital gains tax. The rental property in Canada is exempted from the deemed disposition rule. You would pay capital gains tax when you sell it. Your NZ property may fall under the deemed disposition rule, you should check with CRA on this. If this is the case, you will have to pay the capital gains tax on departure, alternatively you can put up a bond to postpone paying the tax until you sell the property.