ElsiePol

I am a UK citizen and also a resident of Canada/Vancouver paying tax in country of residency. I own a property in the UK, but do not rent out the property, so I'm not earning an income from it. Question: do I have to pay tax on this in Canada?

JonboyE

You may have a capital gain if you sell it. Otherwise, no.

Davita

You will need to comply with the question "You owned foreign property with a total cost over CD$100,000." on T1135 of your tax filing.
It doesn't mean you pay any taxes but you need to make that declaration.

JonboyE

You only have to declare specified foreign property on the T1135. Personal use property, which seems to be what the OP is describing, is excluded from specified property.

Davita

This link provides the rules for reporting Foreign ownedpropert valued over CDN$100,000.
What property do you have to report?
You are required to report all Specified Foreign Property in accordance with subsection 233.3(1) of the Act which includes:

funds or intangible property (patents, copyrights, etc.) situated, deposited or held outside Canada;
tangible property situated outside of Canada;
a share of the capital stock of a non-resident corporation held by the taxpayer or by an agent on behalf of the taxpayer;
an interest in a non-resident trust that was acquired for consideration, other than an interest in a non-resident trust that is a foreign affiliate for the purposes of section 233.4;
an interest in a partnership that holds a Specified Foreign Property unless the partnership is required to file a T1135;
an interest in, or right with respect to, an entity that is a non-resident;
a property that is convertible into, exchangeable for, or confers a right to acquire a property that is Specified Foreign Property;
a debt owed by a non-resident, including government and corporate bonds, debentures, mortgages, and notes receivable;
an interest in a foreign insurance policy;
precious metals, gold certificates, and futures contracts held outside Canada.

Specified foreign property does not include:
a property used or held exclusively in carrying on an active business;
a share of the capital stock or indebtedness of a foreign affiliate;
an interest in a trust described in paragraph (a) or (b) of the definition of 'exempt trust' in subsection 233.2(1);
personal-use property as defined in section 54;
right to acquire, any of the above-noted excluded foreign property.