Hi,
I've been looking through the forum and haven't found the info I'm looking for. Here's the situation:
We have a property here in NZ that we'd like to rent when we move back to Canada. Although the property has increased in value since we bought it, given our mortgage payments, we will rent it for a small loss (such is the Auckland property market). We'd really like to hang onto it until we retire (probably in Canada but possibly in NZ) or of course we may have to sell if we need the money at some point. We won't buy our own home in Canada until we can save a deposit from scratch.
Here are the questions:
(note there is no capital gains tax in NZ currently, but may be by the time we retire)
Will we have to pay tax in Canada when we sell the property?
Can we claim a loss on the property for our Canadian taxes?
Any other advice on what we need to do before we make the move to Canada?
I would appreciate any help/advice.
I've been looking through the forum and haven't found the info I'm looking for. Here's the situation:
We have a property here in NZ that we'd like to rent when we move back to Canada. Although the property has increased in value since we bought it, given our mortgage payments, we will rent it for a small loss (such is the Auckland property market). We'd really like to hang onto it until we retire (probably in Canada but possibly in NZ) or of course we may have to sell if we need the money at some point. We won't buy our own home in Canada until we can save a deposit from scratch.
Here are the questions:
(note there is no capital gains tax in NZ currently, but may be by the time we retire)
Will we have to pay tax in Canada when we sell the property?
Can we claim a loss on the property for our Canadian taxes?
Any other advice on what we need to do before we make the move to Canada?
I would appreciate any help/advice.