I would like to know how the tax is applied on the funds moved from overseas after migration. I understand there is some tax holiday period...??
I am planning to move to Canada in one year time as a permanent resident. But I would not want to sell my property during the first 5 years. I am thinking of selling it once I get settled in Canada.
Will I be taxed if I bring the proceeds of this sale after 5 years?
If yes, currently what is the tax rate for such funds tranfered after first 5 years.
Thanks
IMO, it will be best if you can sell your property and bring the proceeds with you to Canada as settlement funds.
There is no tax on settlement funds.
However, you do need to declare any amounts/instruments > $10K CAD at the point of entry, but there shouldn't be any tax.
Once you deposit that amount into a bank here, any interest earned on that amount will, of course, be taxable.
On the other hand, if you sell your property after 5 years, it will attract capital gains taxes.
You will have to calculate the capital gains on that property.
Refer:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/gns/clclt/menu-eng.html
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Is it possible for a Canadian (with OCI status) to live in India, & have a principal residence in India, so there's no tax on the property
Quote:Yes, but for that you have to become a Canadian non resident (for tax purposes).
Originally posted by ash1967
Is it possible for a Canadian (with OCI status) to live in India, & have a principal residence in India, so there's no tax on the property
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Hi Patrick,
Thanks for your reply. To calculate capital gain or loss.
What will be considered cost price of the property? Cost of property, when it was purchased or Valuation of the property after 5 years.
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