Question: tax deduction when selling foreign houses

[wxzhai]

Hi all

i'm a newcomer to the forum. I had a question: I will sell a house in China, and i will be imposed about 20% tax on capital appreciation in China. My question is if the imposed tax in China can be deducted from the tax to be imposed by Canada?

Thanks,
Zh

 

[BC4life]

Are you already landed in Canada? If so it might make sense to sell the house before your move is complete, since you start from zero here at your landing date

 

[steaky]

Are you already landed in Canada? If so it might make sense to sell the house before your move is complete, since you start from zero here at your landing date

Incorrect. Please refrain misleading people.

You don't start from zero. When you became tax resident, you need to know the fair market value of the property. This would be the value you start with. I'm not familiar with the Canada-China tax treaty, so I suggest you get an accountant to help you file.

 

[wxzhai]

Thanks you both!

 

[BC4life]

Incorrect. Please refrain misleading people.

You don't start from zero. When you became tax resident, you need to know the fair market value of the property. This would be the value you start with. I'm not familiar with the Canada-China tax treaty, so I suggest you get an accountant to help you file.

He wouldn't start from zero if house was sold and he just came in with the funds?