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Tax on foreign properties

Hiatusssss

Newbie
Jan 3, 2021
7
12
Hello! I don't know if many people have already asked this question, but I really want to get the most updated information. I'm going to emigrate to Canada next year, but I don't intend to sell my house as I may return to my home country for vacation occasionally. I noticed that I had to file a T1135 form to report my foreign properties. I'm pretty sure my house's value exceeds CAD100,000. So, will it be taxed once I report it to IRS? Many thanks!
 

hyong1991

Star Member
Feb 27, 2019
85
31
"I report it to IRS?" the IRS operates in the united states of america.

are you refering to the CRA ? Canada Revenue Agency ?

and yes you'd need to file T 1135

But NO, there'd be no taxes payable , unless you sold your property, simply declaring it as your own, does not incur a tax payable.
 

Hiatusssss

Newbie
Jan 3, 2021
7
12
"I report it to IRS?" the IRS operates in the united states of america.

are you refering to the CRA ? Canada Revenue Agency ?

and yes you'd need to file T 1135

But NO, there'd be no taxes payable , unless you sold your property, simply declaring it as your own, does not incur a tax payable.
Oh my. Can't believe I made this stupid mistake. Thank you for your clarification!