Parents Landing: Declaration of Assets

[FLR]

Hi everyone,
My parents are landing in Toronto in September, part of the PGP program applied in 2021. They are not ready to move completely yet, primarily because of my grandmother and since they are the primary care providers for my grandmother. They currently have some properties that which they intend to dispose of in the coming few years and before their move to Canada permanently. Combining all these properties, the value of would roughly $4-5 mn CAD.
Questions:
(1) Do you simply declare this amount of Assets in the form?
(2) Are they required to provide proof of valuation from an assessment agency?
(3) Can they bring this amount to Canada tax-free over the next few years or when they intend to move permanently?
(4) Is there a time-limit of the transfer of these assets that is declared?

Thanks for your time.
Regards,
FLR

 

[armoured]

Hi everyone,
My parents are landing in Toronto in September, part of the PGP program applied in 2021. They are not ready to move completely yet, primarily because of my grandmother and since they are the primary care providers for my grandmother. They currently have some properties that which they intend to dispose of in the coming few years and before their move to Canada permanently. Combining all these properties, the value of would roughly $4-5 mn CAD.
Questions:
(1) Do you simply declare this amount of Assets in the form?
(2) Are they required to provide proof of valuation from an assessment agency?
(3) Can they bring this amount to Canada tax-free over the next few years or when they intend to move permanently?
(4) Is there a time-limit of the transfer of these assets that is declared?

Thanks for your time.
Regards,
FLR

I suggest you speak to a tax person in advance to prepare.

There's no need to 'register' anything when they land in september if they are not staying. The only thing they'd declare are property (items) they are bringing with them, as well as cash if above certain amounts etc.

But: if they are going to stay some time and become tax resident (find this out with a tax professional), they will need to file taxes in Canada, which includes reporting worldwide assets (eg property) and income.

In very simple terms, they will declare a value of the properties as of the day they become tax residents when they file taxes the first time. And again in simple terms (there are more details), they would file and pay taxes on gains in the value of those properties when they sell them (over the declared amount above).

But there are much more details, possibly offsetting of foreign taxes paid, etc. But the good thing is they have time to consult a tax professional after they arrive and plan for this accordingly.