Tax on foreign properties

[Hiatusssss]

Hello! I don't know if many people have already asked this question, but I really want to get the most updated information. I'm going to emigrate to Canada next year, but I don't intend to sell my house as I may return to my home country for vacation occasionally. I noticed that I had to file a T1135 form to report my foreign properties. I'm pretty sure my house's value exceeds CAD100,000. So, will it be taxed once I report it to IRS? Many thanks!

 

[hyong1991]

"I report it to IRS?" the IRS operates in the united states of america.

are you refering to the CRA ? Canada Revenue Agency ?

and yes you'd need to file T 1135

But NO, there'd be no taxes payable , unless you sold your property, simply declaring it as your own, does not incur a tax payable.

 

[Hiatusssss]

"I report it to IRS?" the IRS operates in the united states of america.

are you refering to the CRA ? Canada Revenue Agency ?

and yes you'd need to file T 1135

But NO, there'd be no taxes payable , unless you sold your property, simply declaring it as your own, does not incur a tax payable.

Oh my. Can't believe I made this stupid mistake. Thank you for your clarification!