From Wiki

• The date you get landed status and take up residency in Canada is the base date for the valuation of any foreign assets you hold.

• The foreign exchange rate on that day is the conversion factor used to determine the value in Canadian funds.
  • This has nothing to do with the cost.
  • It is a reflection of the value as if you had disposed of the assets immediately prior to landing.

• Keep records, as you may need them for reporting purposes.
  • This can get quite complicated.
  • It is worth consulting an accountant in Canada.

• If you hold foreign property valued at $100,000 or more, this has to be reported on your tax return each year while you own it.
  • This includes houses, bank accounts, investments, savings and any other tangible property.
  • The value is based on the exchange rate on December 31 of the tax year and has nothing to do with the actual cost.
  • If you purchased a house in 1980 in the UK for £25,000 and still owned it when you left the UK in 2006 and it had a market value of £200,000, this is reportable.

• The Canada Revenue Agency (CRA) is primarily interested in income earning assets.
  • If you rent out your UK home then you must report the income and the asset value.
  • Check the box on page one of the tax return and file form T1135.
  • There is more detailed information in the BE Wiki article called Tax Renting your UK home.
  • However, if you retain property in the UK for personal use only (e.g., as a holiday home), then it is not necessary to report this, unless you have a capital gain if/when you sell it.

• You do not need to report the value of registered personal or occupational pension funds held in the UK if at least part of the contributions into these funds have been made by an employer. Independent Savings Accounts are not covered by this exemption and are reportable. Other pension funds that consist entirely of contributions by an individual, such as Self-Invested Pension Plans may also be reportable and professional advice is recommended.

• Disposal of a primary residence is not taxable, but the sale of a secondary residence is subject to Capital Gains Tax if you make a profit.

• As explained in the BE Wiki article on Capital Gains Tax, any foreign gains made after the date of landing and any interest is reportable and taxable.

• Please see the discussion of this issue in the BE Wiki article Tax and House Sales.

• This is one of a series of BE Wiki articles about Taxation.