when you are a citizen and you have property otside the country

[paw339]

The fines for not filling in a T-1135 or not filling in one correctly are quite draconian. Filling in a T-1135 does not make you more or less liable to pay tax, its mainly a tool to catch out people who are trying to cheat the system. Listing on your T-1135 an overseas property that you may not have needed to list will cause you no problems but not listing a property that you should have listed could result in large fines. List your property on the T-1135 and then declare zero income (if that is the case) on the form would seem to be the safe option. Buy why not ring the Canadian Revenue service and ask them what is correct? I've always found them very helpful and reasonable.

 

[alphazip]

Buy why not ring the Canadian Revenue service and ask them what is correct? I've always found them very helpful and reasonable.

The CRA can be reached at 1-800-959-8281. I would be glad to call, but would screech339 believe what I report? If anyone else would like to call and report back to us, please do so. Just to be clear, the question to be asked is: "I'm a Canadian resident with a vacation home in Florida that I purchased for $200,000. I live in the home 4 months of the year and leave it vacant the rest of the year. Do I have to list the home on Form T1135?"

 

[alphazip]

Since no one else volunteered, I called the CRA today and was transferred to the department that handles Form T-1135...spoke with Mark, Agent #1013760-ONT. I asked my question: ""I'm a Canadian resident with a vacation home in Florida that I purchased for $200,000. I live in the home 4 months of the year and leave it vacant the rest of the year. Do I have to list the home on Form T1135?"
His reply was that the answer is on the CRA webpage: "no, a vacation home does not have to be listed, unless it is rented out." I told him thanks, I had read and understood the answer on the webpage, but others did not.

 

[u4g5]

Since no one else volunteered, I called the CRA today and was transferred to the department that handles Form T-1135...spoke with Mark, Agent #1013760-ONT. I asked my question: ""I'm a Canadian resident with a vacation home in Florida that I purchased for $200,000. I live in the home 4 months of the year and leave it vacant the rest of the year. Do I have to list the home on Form T1135?"
His reply was that the answer is on the CRA webpage: "no, a vacation home does not have to be listed, unless it is rented out." I told him thanks, I had read and understood the answer on the webpage, but others did not.

thanks ;D

 

[screech339]

Since no one else volunteered, I called the CRA today and was transferred to the department that handles Form T-1135...spoke with Mark, Agent #1013760-ONT. I asked my question: ""I'm a Canadian resident with a vacation home in Florida that I purchased for $200,000. I live in the home 4 months of the year and leave it vacant the rest of the year. Do I have to list the home on Form T1135?"
His reply was that the answer is on the CRA webpage: "no, a vacation home does not have to be listed, unless it is rented out." I told him thanks, I had read and understood the answer on the webpage, but others did not.

Thats's good to know that when my foreign property ever go above 100,000 in value, I don't have to report it. Thanks. Good to know.

Screech339

 

[NSBoy902]

its really confusing huh, im always transparent when answering questions to Canadian Immigrations. I dont lie and I dont keep a secret.

No one can ask you have a property more worth than 100K when you cross the border.

10K, yes they will ask. When you enter, you must declare it.

If you have a property back home, yes,sadly, it is taxable whether you are a PR or citizen.

 

[alphazip]

No one can ask you have a property more worth than 100K when you cross the border.

10K, yes they will ask. When you enter, you must declare it.

If you have a property back home, yes,sadly, it is taxable whether you are a PR or citizen.

Just having property "back home" does not make it taxable. Income derived from the property (e.g. rent) is taxable, and you may owe capital gains tax if you sell it.