Goods to follow

[2calgary]

Hi friends,

Need some advice, we have a home in USA, according to visa time to land in canada, we could not sell home in 1 month time. Do we need to write in goods to follow list the total amount of home that we will get after selling and provide page showing name of owner?

Please guide

 

[CDNPR2014]

as you will not be transporting or importing the house into Canada, there is no reason to have the house listed on your goods to follow list. the goods to follow list is for items you will be physically bringing into canada after landing as a pr. it has nothing to do with the proceeds of a potential, future sale of property.

 

[2calgary]

as you will not be transporting or importing the house into Canada, there is no reason to have the house listed on your goods to follow list. the goods to follow list is for items you will be physically bringing into canada after landing as a pr. it has nothing to do with the proceeds of a potential, future sale of property.

Thanks for reply

I was concerned about money which I bring after selling this home, it could be around $250,000 Cad. Will they not impose tax on it if I don't mention it and bring money to Canada later On?

 

[torontosm]

Thanks for reply

I was concerned about money which I bring after selling this home, it could be around $250,000 Cad. Will they not impose tax on it if I don't mention it and bring money to Canada later On?

No, you will only be taxed on the incremental amount of "gain" between when you landed in Canada and when your U.S. home was sold.

 

[2calgary]

No, you will only be taxed on the incremental amount of "gain" between when you landed in Canada and when your U.S. home was sold.

Thanks
Sorry I m not a financial mind person, just need to under stand if I sell home in 2018 how would they know that what was value of home in 2017(landing time), if I do not tell them while landing that I have home in Us?

Sorry for silly question

 

[CDNPR2014]

Thanks
Sorry I m not a financial mind person, just need to under stand if I sell home in 2018 how would they know that what was value of home in 2017(landing time), if I do not tell them while landing that I have home in Us?

Sorry for silly question

the value of the home in 2017 and how much you profit from a potential sale in 2018 is irrelevant to immigration and declaring goods in canada. CBSA is not going to care about property you have in another country or how much you make from selling it. this is information to declare in your taxes for the CRA and IRS. It may be best to talk to an accountant familiar with cross border taxes about the best way of declaring the gain in your future taxes.

 

[2calgary]

the value of the home in 2017 and how much you profit from the sale is irrelevant to immigration and settling in canada. CBSA is not going to care about property you have in another country or how much you make from selling it. this is information to declare in your taxes for the CRA and IRS.

Ok, thanks for guiding
Best wishes