Posted on: 23-03-06 04:12:04
Hi,
We did our landing in the year 2003 and are now moving to Toronto finally.
Between this two year time we bought some property in India which has earned quite a substantial profit.
The question is :
1) If we sell it now and bring all the cash (that is if we are allowed to) will the Canadian goverment tax us
2) If we sell it after another two years (when we expect to get an even beter price) and at that time transfer the funds will we be taxed by the canadian govt.
Please please need serious answers,
Regards
Shubhankar
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I AM "CAN-INDIAN"
) If we sell it now and bring all the cash (that is if we are allowed to) will the Canadian goverment tax us
If you bering it when you are landing , no taxes to you
2) If we sell it after another two years (when we expect to get an even beter price) and at that time transfer the funds will we be taxed by the canadian govt.
later , you would owe capital gains to both india and canada
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We will find a way or we will make one
Smiley, the guy has clearly written that he had landed in 2003 and is now planning to come to Canada to settle.
Smiley is right in saying that once you have landed, any gains realised on your assets (interest, dividend, capital gains etc.) is taxable in Canada if youhave maintained your (TAX) residential status here.
Now the biggest question is whether or not you have filed your tax returns for last two years. If not, a lot of things can be taken care of easily. If yes, then did you declare this property on your tax returns (if your total assets outside of Canada were more than CAD 100k)?
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Hi Chandresh
Can you PLEASEelaborate on the issues that one might face if the assets are over 100 K outside Canada??
Ashwani
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Growing Old Is Mandatory ..Growing UP is Optional
Hi Chandrsha and all cd's ..
Though we landed in 2003 we did not stay long enough to file taxes etc.
The property we made is more than CAD 500k in value.
The reason we want to take it there is to buy a house there.
VCD (Videshi Canadian Desi)
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I AM "CAN-INDIAN"
Quote:
Originally posted by shubi13
Hi Chandrsha and all cd's ..
Though we landed in 2003 we did not stay long enough to file taxes etc.
The property we made is more than CAD 500k in value.
The reason we want to take it there is to buy a house there.
VCD (Videshi Canadian Desi)
You are in a fortunate situation. Now you can file your taxes for last two years and by paying some taxes, get that money from India easily. My advise will be to pay some taxes rather than try to avoid it completely - and the taxes to be paid should be mainly on your income from regular employment/profession rather than capital gains from this property.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
