Tax implications on overseas gifts

[caninfoseeker]

My understanding:
1. What ever the property value, (above 100k or below 100k) if it is generating any income it has to be declared in return (under global income ) and tax liability be discharged. The day you become PR your global income is taxable. But if your property value is less than 100k no need to file T1135. if above 100k you need to file T1135 and pay tax as well. mind you this is scenario when property generating income. Mind you what ever the property value it’s income is taxable,
2. If your property is for personal use not generating income you don’t need to declare it under T1135. Even though it’s value is above 100k
3. This is special scnerio and won’t apply to most of people. If you are land lord and in practice of renting out and own the foreign property above 100k value , you have to file T1135 even if your property is not generating income, understand like this, if you open a shop you have to file return even if there is no income, if you declare your self in global property business you have to file foreign assets statement T1135. (Mind you IT1135 is not income statement , it’s decleration of foreign assets.
Disclaimer: not legal advise, opinions exchanged to build consensus, so to save on legal fees. Good luck

 

[Deleted member 1083629]

What ever the property value, (above 100k or below 100k) if it is generating any income it has to be declared in return (under global income ) and tax liability be discharged. The day you become PR your global income is taxable. But if your property value is less than 100k no need to file T1135. if above 100k you need to file T1135 and pay tax as well. mind you this is scenario when property generating income. Mind you what ever the property value it’s income is taxable,

Correct. AFAIK, you need to report your global income. Your rent money (that are generated from abroad) will have to be reported. However, you need to fill out T1135 form only if your property is generating income > condo expenses + other expenses (in Russia, there is land tax that we pay yearly) & > 100K.

2. If your property is for personal use not generating income you don’t need to declare it under T1135. Even though it’s value is above 100k

Correct. If it's for personal use and you have family living there or you live there when you visit that country and for other time, it just sits there collecting dust, then no need to report.

This is special scnerio and won’t apply to most of people. If you are land lord and in practice of renting out and own the foreign property above 100k value , you have to file T1135 even if your property is not generating income, understand like this, if you open a shop you have to file return even if there is no income, if you declare your self in global property business you have to file foreign assets statement T1135. (Mind you IT1135 is not income statement , it’s decleration of foreign assets.

This part I am not sure about. I have never asked CRA about this particular case.