Tax on equity and mutual funds gain from other country in Canada

[Jazpreet Singh]

Dear Experts.,

I have a query regarding taxation for capital gains through equity and mutual funds outside Canada. I will be landing in Canada through PR soon. I have some equity and mutual funds in India bought some years ago. If I sell those funds after landing in Canada, will it be considered as part of my Canadian income and will I have to pay tax on it.

How would the taxable income be decided? If I had bought a share at Rs 100 two years back and sell after landing in Canada for Rs 250, will the taxable income in Canada be Rs. 150. The below link says that the valuation for taxable income will be decided according to the share price on my landing day. So, in above scenario, if on the day I land, if the value is Rs 200, then I would be taxed on gain of Rs 50. (all converted to CAD while filing return). Please help.

http://www.centa.com/article.php/UsCaWeekofMon20080602004055.html


Thanks an Regards,
Jaspreet

 

[steaky]

If you remain non resident for tax purposes, then no tax on it after landing.