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Originally posted by kpv343

My wife who is planning to apply for citizenship has Property and NRI account in India. Will she face problems on these later especially on the property when she wants to sell it?

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A few of us who do not get an opportunity to file a tax return do not get a chance to show or declare the Properties that we hold elsewhere. If this is the case, then, you can just hold on to it till a time comes up.

If the Value of the Property is more than $100,000.00 dollars and you did not show it at the time of entry, you can do so now.

Since, you have been here more than FOUR Years in Canada, you missed the opportunities all of the time and if the property was generating income, by the way of rent and you did not report it all of the time, then it is time to re-open the Past THREE YEARS" return and resubmit all of them. It might cost you a Hundred bucks at any of the Well Known Tax Planners, such as H.& R Block or any other. Please do this as soon as possible.

LATER ON....
See if you can get a CURRENT assessed value of the property and work backwards to the year of entry into Canada. This is for the Capital Gains that it will accrue at the time of sale, if it ever happens.

In the NRI account only the Interest that it generated will attract tax, not the Principal amount.

Hey, why am I telling YOU all of this. You should know all of it yourself.

FH