Moving Funds
 

Hello Everyone,

I was wondering if anyone knows the laws regarding moving property funds to Canada after immigration. This may be a Revenue Canada question but I am posting it here as it may effect others here too.

Its my parents, they landed here couple of years ago and now have gone back to sell the house. Question I have is do we get taxed on moving the money to canada? This is the primary residence for them back home.

Is there a limit in terms of time for moving your funds to canada?

Any help in this regard would be helpful,

Thanks.

Space.

Re: Moving Funds
 

Hi

Actually under the law they are supposed to declare the difference in the valuation from the day of "landing" to the date they sell the residence. The difference is supposed to be declared as capital gains.