First Entry into Canada - Declaring Property

[reach_michael]

Hello

I will be shortly entering Canada for the first time as in immigrant (Spouse).

How and where do I show on record that I own property in india that I may sell later when i close up everything in india.

Are their any formalities to keep in mind?

Thanks
Michael

 

[wilson]

Hi,

If you are entering Canada with a family class PR visa, no one will ask you about your funds or property.
You have the liberty to dispose it any time as you wish.

 

[reach_michael]

Thanks for the update. It helps a lot.

 

[whoopi83]

Hi,

If you are entering Canada with a family class PR visa, no one will ask you about your funds or property.
You have the liberty to dispose it any time as you wish.

If there are goods being sent over then you will need to fill out a goods to follow sheet to avoid any tax etc.

As for the sale of property, you may incur a capital gains tax burden and have to declare when you file income taxes.

 

[steaky]

If there are goods being sent over then you will need to fill out a goods to follow sheet to avoid any tax etc.

As for the sale of property, you may incur a capital gains tax burden and have to declare when you file income taxes.

Well, there are no capital tax burden if the OP is a non resident of Canada for tax purposes and don't have to declare them when filing non resident income taxes.

 

[cmclim]

Where can we get the good to follow sheet?

 

[steaky]

Where can we get the good to follow sheet?

These forms are available in the CBSA website, link given below:
http://www.cbsa.gc.ca/publications/forms-formulaires/b4-eng.pdf

 

[cmclim]

Thanks for the help!

 

[whoopi83]

Well, there are no capital tax burden if the OP is a non resident of Canada for tax purposes and don't have to declare them when filing non resident income taxes.

True steaky but I meant if they are resident for tax purposes, i.e. moved to Canada permanently and kept property in their home country (rented it to another) and then sold it.... anyhow all is good.