hoping_canadian said:
Hi Inmate what about if I worked and leave in canada but I have some properties in my home country. Once I became canadian what will happened to my properties I owned even before entering to canada?
Hi, cause of my english I advise you to confirm informations you will get from me ; )
-» Once again, citizenship doesn't change anything for fiscal administration.
You could find most information on http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html (same rules applied for Revenu Québec)
In your case, it appears your a resident of canada (you can be a PR, citizen or anything else, doesn't matter), as you live and work here. So, you must declare all income you can get from them as well as taxes you already paid in this country (you will NOT pay twice taxes, but you should have to pay a parts in your native country and other parts in Canada). Depends of tax treaties between and this country (you have to check), you have some rules to follow to be clean with both administrations.
http://www.cra-arc.gc.ca/tx/nnrsdnts/trty-eng.html
Same thing for capital gain (if you want to sell your properties), you have to check this. Note, for Canada, the gain have to be calculate with the fair value of the properties the day you became a resident (just again :
nothing to do with the day you become a citizen !!).
For exemple :
- You buy a house in France on 1/1/1999, for 100 000$
- You become PR on Canada on 1/1/2005, starting to live in the country same day, and you're starting to be a real resident for fiscal administration same day (see link above). The fair value of the house is 150 000$ at this date.
- Finally you sell the house 1/1/2010 for 200 000$
=» Depend of local law, you could have to pay something in France (in fact you don't for France. In the other side, if your original country is Canada, you have to pay or give some garantee before to quit Canada)
=» When you will prepare your personnal income tax return in 2011 (about your 2010 income), you must declare 200 000 - 150 000 = 50 000$ of capital gain (you will pay taxes on only 25 000$ cause it's capital gain).
Hope it's clear :\\
Please note it's a very very simple sample, you should read CRA docs or see an acoutant to be sure to do what you have to do on the right way (in other case, you could have to speak with me in real, and for sure you wouldn't
)