Money from overseas

[Canadian hopeful]

Hi,

I arrived in Canada permanently nearly a year ago from the UK ... I will soon be selling a property I own jointly in the UK to eventually buy a property here in Canada!

Can anyone advise on taxes I may be liable for and rates? I was told by a friend that it could be very expensive, tax wise, to bring a substantial amount of money, like from a property sale, into Canada!

Many thanks.

 

[steaky]

Have you declared the property in your 2011 tax return?

 

[Jonboy]

Hi,

I arrived in Canada permanently nearly a year ago from the UK ... I will soon be selling a property I own jointly in the UK to eventually buy a property here in Canada!

Can anyone advise on taxes I may be liable for and rates? I was told by a friend that it could be very expensive, tax wise, to bring a substantial amount of money, like from a property sale, into Canada!

Many thanks.

You should report any capital gain or loss since the day you moved to Canada on your 2012 Canadian tax return. You should also file a T1135 form for 2012. Given the state of the UK housing market it is unlikely you will have much of a capital gain between 2011 and 2012.

 

[shamsjaleel]

You should report any capital gain or loss since the day you moved to Canada on your 2012 Canadian tax return. You should also file a T1135 form for 2012. Given the state of the UK housing market it is unlikely you will have much of a capital gain between 2011 and 2012.

Hi,
I am still working and waiting for final visa and to enter Canada.
I am Pakistan national and own a property. I am not selling the property now and will later come back from Canada and sell the property.
Can you please guide me
1. What should i do when entering Canada?
2. Have I to report my property at airport?
3. When I will leave Pakistan should i get estimated value from some reputed firm?
4. When i will come back to sell the property have i to get estimated value of my property so as i can calculate the Capital gain on that property?
5. How much is the tax on Capital gain on property abroad?

awaiting for suggestion

Shams