I sold my house in my country and transferred the money to Canada. Do I need to report it?

Yes. Canadian Revenue Agency (CRA) requires you to include foreign property, if the total cost is greater than $100,000.  You must report on Form T1135 all specified foreign properties held during the year.

 

For more information and clarification, please see our TurboTax article and contact Individual tax enquiries line.

 

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If you are transferring your personal assets to yourself, generally, there will be no tax implications, but there are other factors you must take into consideration before you transfer this amount:

• The country in which you are transferring the money from. Check the country of origin to understand their rules before transferring any monies.
• The amount being transferred and from what income source does this money come from.
• Your residency status will play a factor in the process as well. While you were a resident of Canada, if you earned any income from sources such as rental income, interest, or capital gains; these are all taxable in Canada.

Canada, in general, does not regulate or tax cash sent into the country. Exceptions come into play when that cash is in the form of property, company shares, and designated stock or other securities. 

 

For more information please see our TurboTax article: Taxes From Selling Foreign Investments

For clarification and guidance about this, please contact the Canada Revenue Agency (CRA): Individual tax enquiries line

 

Thank you for choosing TurboTax.