I purchased foreign property valued at more than $100,000 Canadian. The property is only for personal use. Do I have to declare this on my income tax form?
I purchased foreign property valued at more than $100,000 Canadian. The property is only for personal use. Do I have to declare this on my income tax form?
Thank you for choosing TurboTax.
As per CRA, you do not have to report personal use property. This includes vacation property that you use primarily as a personal residence and listed personal property such as works of art, jewelry, rare folios, rare manuscripts, rare books, stamps, and coins.
I purchased foreign property valued at more than $100,000 Canadian. The property is only for personal use. Do I have to declare this on my income tax form?
I have the same question however I have rented my condo to help pay with the fees associated with the golf course I reside on. What would the threshold be to maintain the property as personal use? Currently it has only been rented a few weeks a year with no profit realized.
I purchased foreign property valued at more than $100,000 Canadian. The property is only for personal use. Do I have to declare this on my income tax form?
Please contact the CRA so that they can direct you in what you can and should claim. You can contact the CRA at 1-800-282-8079.
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