I would like to know that if we move to Canada and decide to sell our holiday apartment in different country to buy a house in Canada and transfer the money to Canadian bank do we have to pay tax on that?
I would appreciate your responds.

My understanding is as long as you declare the money on landing then you should be ok, as the goverment knew you were going to bring it and they have a record of it. I dont think you get taxed on it either.

As soon as you become a Canadian tax resident, which generally means as soon as you arrive in the country with the intention of living here permanently, all your property is deemed to have been sold and then bought by you on that day.

This means that from that day the *increase in the value* of that property is subject to Capital Gains Tax so when you sell it then half of the increase in value will be taxed.

So I would take a look at the implications of selling your property before or after you land in Canada. Canada's regime might be cheaper than where you currently are.

If selling before moving to Canada, it is worthwhile having a valuation undertaken to demonstrate the value at the point of 'deemed disposition' Without this, CRA could well make their own assessment and you have to prove otherwise. Also consider currency fluctuations affect value. As this is not your primary residence, capital gains rules apply in most jurisdictions. If you are not a Canadian tax payer, then you need to look at taxation rules in your home country. Ask an accountant, it could save you a bundle.

Many hold on to their cash after landing hoping for an improved exchange rate. Once a Canadian tax payer, any gain (or loss) in the FX is reportable to CRA.

http://www.cra-arc.gc.ca/E/pub/tp/it346r/it346r-e.txt

Sections 15, 7 & 8

Thank you for your replies.