When some one raises the same question Six times during the past twelve months, he has been expecting different answers from different people each and every time. But we have been stead fast quoting the same. IF YOU CARRY A SUM MORE THAN TEN GRAND (OR MORE) of the Canadian, then DECLARE the darn thing.

This time I added the FOOD, Spices and Eatables to it.

What is wrong paying the airlines a cool thousand and bringing in a Dozen Shawarmas and $9000 Canadian every year or Six months. You get to see all your old friends there where you lived, how the neighbors are doing there and spend a few days in the warm sunshine, and escape the snowy winters of Canada.? A very good idea.

Some body said just write a note or tick in a column on the CBSA Declaration card..?? or mumble and whisper about the doggie bag and get through the secondary inspection and take a taxi back home. (They will wave you out of the terminus). What a load of CCCC or is it Karanga.

YES, that Tax form is conjured up and I can smell sarcasm there.

And by the by, if some one gets a gift of a few thousand dollars, (With a letter from them) or wins a huge lottery and has the picture taken with the cheque at the reception area, then there are NO TAXES on it. GIFT, you can always get a friend to write a letter, and sneak it in. Lottery is a long shot, may be one in ten million. That is for those who return from Vegas, Macao, or from Spain with a share of the El Gordo. Mmmm some lucky guy...

If you have a transaction report from the Bank, then you can fly through the secondary check, if they ever get you into one. And if at that time, the DOG smells the Shawarma and the CBSA smells the ten grand, they know that they can easily get the 800 bucks from a sad sack.

We can only point and whistle... but it is for the other guy..

FH.

Quote:

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Originally posted by Many

great; clear replies there from our seniors.
question Chandresh: I have a flat in Mumbai; closed and occasionally cleaned by my brother; so no income generated there.
If/when I sell it, would I be able to bring sale proceeds to Canada without being hit by taxes?

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i..........rock........!!!!!

what I understand from Chandresh's response/9:17 today, is that Income got to be reported.
This property in my name in India is worth more than CAD 100,000/- but does not generate any income ?
Thank you.

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Many

does not matter if it generates income or not....it still is appreciating in value considered as capital gains.

You HAVE to tell CRA if you own anything above $100,000 CAD value of foreign property every year (annually) when you file taxes.

A tick mark in the check box is the only thing required to let them notify that you own a property that year(every year). No details of gains or profit is to be told until you sell & get the capital gains out of it.

Foreign Property Reporting Form - T1135

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i..........rock........!!!!!

The premise being that if you declared any property out of Canada , when you came in ( say $300K worth) , you are entitled to bring that much in Canada w/o being taxed.

If say you declared $300K and brought in $400K at a later date , CRA assumes that this property appreciated after you came to Canada , hence you are liable to pay capital gains tax on $100K.

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Fido.

very clear reply irock and Fido; so i need state the value of the foreign property too, besides a tick mark to indicate foreign holding more than CAD 100,000/- Thank you, I get it.

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Many

How does the reporting work with inheritance? Lets say I got a property from my parents as inheritance . When would I have to report it?
Thanks