Returning back to India

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ShivTn
Member since: Apr 10

Posts: 2
Location:
Post ID: #PID

Posted on: 20-04-10 11:58:59

Gurus,

I need your suggestions. I am planning to go back to india to settle permanently after staying 10 years in Canada. When I sell my house , Do I have to pay the Income tax on the house price that I gained. Your suggestion is highly appreciated.

Thanks
Shiv

Desi # 1
Member since: Dec 03

Posts: 1420
Location: Mississauga
Post ID: #PID

Posted on: 20-04-10 12:24:11

Quote:
Originally posted by ShivTn

Gurus,

I need your suggestions. I am planning to go back to india to settle permanently after staying 10 years in Canada. When I sell my house , Do I have to pay the Income tax on the house price that I gained. Your suggestion is highly appreciated.

Thanks
Shiv

If this is your principal residence, then NOPE

cdn_dude
Member since: Dec 05

Posts: 942
Location:
Post ID: #PID

Posted on: 20-04-10 12:41:29

You should be searching the CRA website than looking for the answers on Canadian Desi.

See this:

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/rsdnc/dspsng/menu-eng.html

Quote:
Originally posted by ShivTn

Gurus,

I need your suggestions. I am planning to go back to india to settle permanently after staying 10 years in Canada. When I sell my house , Do I have to pay the Income tax on the house price that I gained. Your suggestion is highly appreciated.

Thanks
Shiv

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