Transferring money from sale of property in India to Canada

[JJNAIR]

Hello,

I have a property in India that I would like to sell and get the money to Canada. Can someone help me with the process and whether there would be any taxes that I would need to pay in Canada (I would have already paid the relevant CGT in India).

Regards

 

[steaky]

Looks like the same question as below:

https://www.canadavisa.com/canada-immigration-discussion-board/threads/transfer-money-from-india-to-canada.701590/

 

[canuck78]

Really depends on whether you were already living in Canada and tax treaties.

 

[MidoRafa]

Hello,

I have a property in India that I would like to sell and get the money to Canada. Can someone help me with the process and whether there would be any taxes that I would need to pay in Canada (I would have already paid the relevant CGT in India).

Regards

Assuming you are already a tax resident of Canada:
1. You have to report the sale of property on your tax return.
2. Whether the gain is taxable or not will depend on whether it was your "principal residence" or not.
3. Another factor that may influence things: the value of the property when you became a resident of Canada or the Fair Market Value (FMV).
4. If you owe Capital Gains tax on the profit, you may be able to claim a foreign tax credit for the CGT you paid in India - depends on tax treaty, if any.
5. Transferring money has been tackled in other threads. Options include bank transfers, fintech options (Transferwise, etc.), carrying cash (and declaring at the border), etc.

For the tax issue, it may be a good idea to consult a competent tax accountant, or at least spend a good amount of time on research. Any advice you get here is just the opinions and observations of regular people. Take it with a grain of salt and do your own research.