British Expats - uk money

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ernest

Aug 1st 2005 4:40 am

uk money

I have just sold some property and the proceeds which I received was over 150k(cad) the property was given to me 7years ago by my mother.Am I liable to be taxed on this money in Canada

PMM	Aug 1st 2005 5:06 am

Re: uk money

Quote:

Originally Posted by ernest

I have just sold some property and the proceeds which I received was over 150k(cad) the property was given to me 7years ago by my mother.Am I liable to be taxed on this money in Canada

You probably should talk to a tax lawyer. But my 2 cents worth, is that you would have to declare the difference in value from the date that you landed and the date that the property was sold. You would pay capital gains tax on the difference.

PMM

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