Selling Flat: Before/During/After Move
Hi All,
closing in on COPR and making the big move, my flat is going on the market and i expect to have about £80k after the sale. chances are it won't sell before I move, so it will get paid into a UK bank account, where I will leave it until the pound gets better against the dollar and just move over small quantities as and when needed if i have to go beyond my savings for emergencies. 1) If it sells after i activate my COPR do i have to pay a tax in Canada, or as it is an asset that I will put on my "Goods to follow" as a conveyance am i ok? 2) is there any problem with leaving it in the Uk and awaiting a better exchange, any additional tax, i know i have to declare large amounts coming in, but can anyone foresee a problem with my plan i naively cant? |
Re: Selling Flat: Before/During/After Move
Originally Posted by MegaJamie
(Post 12315059)
1) If it sells after i activate my COPR do i have to pay a tax in Canada, or as it is an asset that I will put on my "Goods to follow" as a conveyance am i ok?
Originally Posted by MegaJamie
(Post 12315059)
2) is there any problem with leaving it in the Uk and awaiting a better exchange, any additional tax, i know i have to declare large amounts coming in, but can anyone foresee a problem with my plan i naively cant?
|
Re: Selling Flat: Before/During/After Move
Originally Posted by Hurlabrick
(Post 12315201)
You must also declare ALL assets and holdings whether overseas or not on your first Canadian tax return.
If you have under $250k there is now simplified reporting. Over 250 it is more detailed. Not everything has to be reported in the first year, but be careful not to miss anything that does. The penalties are high. My suggestion is to hire an accountant to help you (avoid tax preparers, they may not be accountants). Liability for tax in Canada is from when you become a tax resident in Canada, nothing to do with immigration status. You can be a tax resident as a visitor under certain circumstances. As far as reporting under Fintrac, if you bring money in through a bank, they do the reporting on everything over $10,000. Under that no reporting necessary, other than to tax authorities if it is taxable as income or CG. |
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