Tax Laws in Canada

[Agastya]

Hi,

I will be moving to Canada, Toronto in May 2019. I have a couple of queries regarding the following:

1. Is the Money that I get from India (within the 1st Year) tax free?
2. I have a house, which I intend to sell off in sometime... What about the money that I receive from the sale.. Will that be taxed too? and at what rate..

Thanks in advance

 

[Bs65]

In case you had not seen these may help

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/newcomers-canada-immigrants.html

https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4055/t4055-17e.pdf

1)income or cash, latter generally not taxable I believe although can be corrected.

2)generally there are I believe rules about property value at time of establishing residency and any gain between that time and selling . Mostly done on an honesty basis with a portion of the gain possibly taxable at an individuals tax rate. Then again I am not a tax expert so you will need to research the CRA website for official declaration rules/rates.

 

[torontosm]

Hi,

I will be moving to Canada, Toronto in May 2019. I have a couple of queries regarding the following:

1. Is the Money that I get from India (within the 1st Year) tax free?
2. I have a house, which I intend to sell off in sometime... What about the money that I receive from the sale.. Will that be taxed too? and at what rate..

Thanks in advance

1. No, any money you earn abroad will be taxed. If you receive funds as a gift, or if you bring in your own assets from abroad, that will not be taxed.
2. When you sell your house, you will have to pay capital gains tax on the difference of your house value when you landed, and the eventual sale price