Dear Half Canadian,
Your answer has cleared every doubt in my mind. It was really very
useful. Thank you very much and wish you all the best.
Escort399/Joel
Originally posted by \"Half-Canadian\
> "escort399" wrote in message
> news:1155271.1073510702@britishexpats.com"]news:1155271.1073510-
> 702@britishexpats.com[/url]...
>
>
> > Dear All,
> > I would like to ask your feedback on properties owned prior to
> migration
> > that were not declared to form part of the proof of funds. Will
> one be
> > allowed to keep it or is it mandatory to sell them and bring
> the
> > proceeds to Canada? If one keeps the property, is there
> something needed
> > to be paid to Canadian government. What happens if the property
> is sold
> > after migration? Will there be capital gains tax to be paid to
> the
> > Canadian government.
>
> I kept some real estate holdings in the US when I immigrated to
> Canada a few
> years ago. Following the advice of Canada Customs & Revenue
> Agency and my
> Canadian accountant, I obtained a written appraisal of the value
> of those
> properties on my landing date, which I have stored in my safe-
> deposit box in
> case I need it as proof of the value later on. At the time
> when I sell
> those properties, I will only owe capital gains taxes to CCRA on the
> difference between that appraised value and the sale price. The
> equity you
> have in the property at the date of your landing is not taxable,
> and you are
> free to keep foreign property after you become a Canadian PR.
>
Laurie in BC
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