property declartion , accomodation n othr advice ,arriving Toronto in mid Feb

[shanbaba]

dear friends
1) i am arriving toronto in mid feb, got my family visas in aug 2009 (fast track). at present i am comming alone, and looking for shared accomodation / paying guest , preferably in eto bicoke, missisaga (within 6-7 kilo meters of air port) but may be at other lacation, pl advice.

2) i have some property here, that i may sell after a few years. what r benefits of declaring it at immigration , what r disadvanteges, and what r benefits for not declaring it and what r disadvanteges. sholud declare all (above can $ 150 000) or declare below canadian $100 000

also if u people can give me some good advise other then this topic i appriciate
u can see my time line on trackkit I D shanbaba
shanbaba

 

[starzibal]

dear friends
1) i am arriving toronto in mid feb, got my family visas in aug 2009 (fast track). at present i am comming alone, and looking for shared accomodation / paying guest , preferably in eto bicoke, missisaga (within 6-7 kilo meters of air port) but may be at other lacation, pl advice.

2) i have some property here, that i may sell after a few years. what r benefits of declaring it at immigration , what r disadvanteges, and what r benefits for not declaring it and what r disadvanteges. sholud declare all (above can $ 150 000) or declare below canadian $100 000

also if u people can give me some good advise other then this topic i appriciate
u can see my time line on trackkit I D shanbaba
shanbaba

1. Try to live in the city or close to mall/plaza as you have to commute by public transport for a while as you wont have drivers license. Etobicoke and Mississauga is good but Mississauga is bit expensive. Basement rent start from $700/month. You can google and find out about shared accomodation and basement rent.

2. There are no restrictions on the amount of money that you can bring into or take out of Canada, nor is it illegal to do so. However, you now have to report to a customs officer amounts equal to or greater than CAN$10,000 that you are bringing into or taking out of Canada. Go to http://cbsa-asfc.gc.ca/security-securite/cbcr-dmte/menu-eng.html website for more info. You can enter in search whatever you want to know.

I would suggest not to sell your properties until you established yourself in Canada e.g. find job etc. Once you are settled then you can sell it and transfer the money here. You don't have to tell customs about your property as you are not bringing cash with you right now. you just have to declare the money if its $10,000 or more.

 

[toby]

You should sell your non-Canadian property when the price is right, but be aware of the tax consequences. If you sell before you become a full-time resident of Canada, you are not taxed on any gains in Canada (sale price less price paid = gain). After moving to Canada, the gain is taxed as a capital gain, less any taxes paid to the other country where the property is.

Even where there is no tax treaty between Canada and the other country, you can deduct any taxes paid as an expense, and then calculate any further taxes owed in Canada.

It is fine to ask general questions on this forum, but it would be useful to make sure, by asking an international tax accountant for a strategy.

 

[shanbaba]

thank u toby and starzibal.

 

[indigostretch]

Toby, out of curiosity...if one holds property/stocks/etc. before entering Canada,
what base is used to calculate capital gains, original price paid at purchase
time or fair/actual value on official entry date?

 

[toby]

Actual value on entry date.

Practically speaking, I'd imagine that a statement of values a few days prior to entry would suffice. Too many things going on on entry day to think of running statements off the Internet.

Of course, if your assets are in a bank in the home country, and the bank will run a statement for you on your entry day, all the better.