Searched for several hours without finding the answer. Need your kind help with the case:
- Being Canada residents for tax purposes (under Study Permit and Work Permit) since 2020.
- Got PR status in 2023.
- Just sold a principal residence (> CAD 100k) in 2023 to move the amount to Canada via bank transfer (personal use only, no rent, no income, owned since 2015 before moving to Canada in 2020).
- Assuming no capital gain for the property (with evidence of sold price ~ acquired price).
With the definition of principal residence and such evidence, do we have to submit T1135 when filing 2023 tax?
Can we use the money for a down payment right after it's available in Canada?
Thanks in advance.
- Being Canada residents for tax purposes (under Study Permit and Work Permit) since 2020.
- Got PR status in 2023.
- Just sold a principal residence (> CAD 100k) in 2023 to move the amount to Canada via bank transfer (personal use only, no rent, no income, owned since 2015 before moving to Canada in 2020).
- Assuming no capital gain for the property (with evidence of sold price ~ acquired price).
With the definition of principal residence and such evidence, do we have to submit T1135 when filing 2023 tax?
Can we use the money for a down payment right after it's available in Canada?
Thanks in advance.