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Snowisland

Hero Member
Nov 23, 2014
576
70
Visa Office......
Ottawa
LANDED..........
30-05-2016
I am visiting spouse in Canada until mid May and have a return airline ticket. I have a house in the US. If I get PR before May and I land before selling the house, will there be Canadian taxes on the sale? I know in the US I will not be charged capital gain tax because my gain will be below the limit, but worry that Canada will tax me on the gain or as income. I anticipate gaining 70k from the sale. I can't just stay in Canada because I have two cats in the US that I will be bringing here.
Also, how can I land while still in Canada? I think I saw a post saying landing at airports must be done from arriving on an international flight. The Canada house is in the North Peace Region of BC in Fort St John. Pretty far from any international airports, so not driveable to Vancouver or Calgary and paying for a flight just to land would not be affordable.
I would prefer to land asap rather than waiting several months.
Thank you for your help.
 
Snowisland said:
I am visiting spouse in Canada until mid May and have a return airline ticket. I have a house in the US. If I get PR before May and I land before selling the house, will there be Canadian taxes on the sale? I know in the US I will not be charged capital gain tax because my gain will be below the limit, but worry that Canada will tax me on the gain or as income. I anticipate gaining 70k from the sale. I can't just stay in Canada because I have two cats in the US that I will be bringing here.
Also, how can I land while still in Canada? I think I saw a post saying landing at airports must be done from arriving on an international flight. The Canada house is in the North Peace Region of BC in Fort St John. Pretty far from any international airports, so not driveable to Vancouver or Calgary and paying for a flight just to land would not be affordable.
I would prefer to land asap rather than waiting several months.
Thank you for your help.

As far as i know and what was applicable in my case:
From tax perspective, as soon as you establish your Canadian residency for tax purposes (more about it later) your house is deemed to be sold for (market price) amount. Then, when you will sell it for real, you will have to pay taxes on the gain you had between the amount it was deemed sold when you established your tax residency and the value you sold it for.
For the tax residency definition, it is different from becoming PR, you might be a tax resident even if you are here on temporary status (such as work permit for example). You can consult the CRA website, it has pretty straight forward definitions there who is deemed a tax resident.

to land, you have two options, either exit and enter Canda at any border crossing or airport, or call CIC and arrange a landing in one of the CIC offices (it may take a month or so). You will have to ask which CIC office in your area can do a landing interview.