Hello everyone,
This is my second year immigrated to Canada. In April 2016, I sold my primary residence back in China. Per CRA's requirement, I will report this sale in my tax return, even there's no capital gain to be taxed as it's my primary residence.
The tricky thing is about the foreign fund. After selling my primary residence, I received the buyer's payment, over $100,000 CAD, in my bank account back in China, and this fund has remained in that bank account for almost two months, and gained about $2 interest. Then I transferred the money to my bank account in Canada.
Per CRA's requirement, it seems that I have to report this sum of foreign fund in T1135. Am I getting it right? If I do need to report this, is it better to file it in a detailed way to show that I have cleared my bank account in China? FYI, this is the only foreign assets I have throughout fiscal year of 2016.
Thanks a lot.
This is my second year immigrated to Canada. In April 2016, I sold my primary residence back in China. Per CRA's requirement, I will report this sale in my tax return, even there's no capital gain to be taxed as it's my primary residence.
The tricky thing is about the foreign fund. After selling my primary residence, I received the buyer's payment, over $100,000 CAD, in my bank account back in China, and this fund has remained in that bank account for almost two months, and gained about $2 interest. Then I transferred the money to my bank account in Canada.
Per CRA's requirement, it seems that I have to report this sum of foreign fund in T1135. Am I getting it right? If I do need to report this, is it better to file it in a detailed way to show that I have cleared my bank account in China? FYI, this is the only foreign assets I have throughout fiscal year of 2016.
Thanks a lot.
