topic Im a permanent resident of Canada June 2018, i own a house in Ireland, i know i dont have to claim the property my first year but does that change if im renting it out? in Investors and rental owners https://turbotax.community.intuit.ca/community/investments-rentals/discussion/im-a-permanent-resident-of-canada-june-2018-i-own-a-house-in-ireland-i-know-i-dont-have-to-claim-the/01/941327#M6181 <P>what proof do i need for fair market value..a letter? i didnt do my research before i moved.&nbsp;</P> Thu, 31 Oct 2019 09:02:21 GMT betterthanyoko 2019-10-31T09:02:21Z Im a permanent resident of Canada June 2018, i own a house in Ireland, i know i dont have to claim the property my first year but does that change if im renting it out? https://turbotax.community.intuit.ca/community/investments-rentals/discussion/im-a-permanent-resident-of-canada-june-2018-i-own-a-house-in-ireland-i-know-i-dont-have-to-claim-the/01/941327#M6181 <P>what proof do i need for fair market value..a letter? i didnt do my research before i moved.&nbsp;</P> Thu, 31 Oct 2019 09:02:21 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/im-a-permanent-resident-of-canada-june-2018-i-own-a-house-in-ireland-i-know-i-dont-have-to-claim-the/01/941327#M6181 betterthanyoko 2019-10-31T09:02:21Z You would have to report your foreign income either way.... https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-would-have-to-report-your-foreign-income-either-way/01/941328#M6182 <P>&nbsp;You would have to report your foreign income either way. Proof of FMV? I will leave that up to the CRA to determine, you can give them a call 1 800 959 8281.</P><P>To report this foreign sourced income to the CRA you must first apply your <I>residency status</I>&nbsp;+ date of entry at the beginning of your tax return. Because we do have a treaty with <I>Ireland</I>, this means you will not be double taxed on the income you are claiming,<I> (if applicable)</I> you would file for a foreign tax credit.</P><P>Foreign income earned prior to arriving in Canada. We want to know about your <I>world gross income</I>. It boils down to whether you get a full year or is it prorated from your date of entry.</P><P>Please review the links provided below to guide you through the steps within the software, as well as give you a better understanding of reporting this income correctly to the CRA.</P><UL> <LI>How to Report Foreign Income sources in TurboTax -<A rel="nofollow" href="https://turbotax.community.intuit.ca/replies/2647976" target="_blank">https://turbotax.community.intuit.ca/replies/2647976</A> </LI> </UL><UL> <LI>From TurboTax Tips - Canada Foreign Income Tax Credit - <A rel="nofollow" href="https://bit.ly/2H9Y2u8" target="_blank">https://bit.ly/2H9Y2u8</A>&nbsp;</LI> </UL><P>You will need the <I>T1135</I> form and ensure all entries have been entered correctly along with taxes paid (<I>if applicable</I>), this can be found under the <I>Foreign slips</I>.</P><P>Please follow directives below to assist you with finding these forms and slips in TurboTax</P><UL> <LI>To access the&nbsp;<I>FTC</I>&nbsp;form, go to the&nbsp;<I>"Find"</I>&nbsp;icon at the top right corner of your screen and type in&nbsp;<I>"Foreign Tax Credit"</I>.</LI> </UL><UL> <LI> <I>Income</I> tab – <I>Other Income Sources</I> and <I>Foreign Income Verification Statement (T1135)</I> </LI> </UL><P> </P><UL> <LI> <I>Foreign slip</I> is under the <I>Income</I> Tab – then <I>Tslips</I> and you will see <I>Foreign Income</I> </LI> </UL> Thu, 31 Oct 2019 09:02:23 GMT https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-would-have-to-report-your-foreign-income-either-way/01/941328#M6182 TurboTaxLise 2019-10-31T09:02:23Z
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topic Im a permanent resident of Canada June 2018, i own a house in Ireland, i know i dont have to claim the property my first year but does that change if im renting it out? in Investors and rental owners
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/im-a-permanent-resident-of-canada-june-2018-i-own-a-house-in-ireland-i-know-i-dont-have-to-claim-the/01/941327#M6181
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<P>what proof do i need for fair market value..a letter? i didnt do my research before i moved.&nbsp;</P>
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<pubDate>Thu, 31 Oct 2019 09:02:21 GMT</pubDate>
<dc:creator>betterthanyoko</dc:creator>
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Im a permanent resident of Canada June 2018, i own a house in Ireland, i know i dont have to claim the property my first year but does that change if im renting it out?
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/im-a-permanent-resident-of-canada-june-2018-i-own-a-house-in-ireland-i-know-i-dont-have-to-claim-the/01/941327#M6181
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<P>what proof do i need for fair market value..a letter? i didnt do my research before i moved.&nbsp;</P>
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<pubDate>Thu, 31 Oct 2019 09:02:21 GMT</pubDate>
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You would have to report your foreign income either way....
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https://turbotax.community.intuit.ca/community/investments-rentals/discussion/you-would-have-to-report-your-foreign-income-either-way/01/941328#M6182
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<P>&nbsp;You would have to report your foreign income either way. Proof of FMV? I will leave that up to the CRA to determine, you can give them a call 1 800 959 8281.</P><P>To report this foreign sourced income to the CRA you must first apply your <I>residency status</I>&nbsp;+ date of entry at the beginning of your tax return. Because we do have a treaty with <I>Ireland</I>, this means you will not be double taxed on the income you are claiming,<I> (if applicable)</I> you would file for a foreign tax credit.</P><P>Foreign income earned prior to arriving in Canada. We want to know about your <I>world gross income</I>. It boils down to whether you get a full year or is it prorated from your date of entry.</P><P>Please review the links provided below to guide you through the steps within the software, as well as give you a better understanding of reporting this income correctly to the CRA.</P><UL> <LI>How to Report Foreign Income sources in TurboTax -<A rel="nofollow" href="https://turbotax.community.intuit.ca/replies/2647976" target="_blank">https://turbotax.community.intuit.ca/replies/2647976</A> </LI> </UL><UL> <LI>From TurboTax Tips - Canada Foreign Income Tax Credit - <A rel="nofollow" href="https://bit.ly/2H9Y2u8" target="_blank">https://bit.ly/2H9Y2u8</A>&nbsp;</LI> </UL><P>You will need the <I>T1135</I> form and ensure all entries have been entered correctly along with taxes paid (<I>if applicable</I>), this can be found under the <I>Foreign slips</I>.</P><P>Please follow directives below to assist you with finding these forms and slips in TurboTax</P><UL> <LI>To access the&nbsp;<I>FTC</I>&nbsp;form, go to the&nbsp;<I>"Find"</I>&nbsp;icon at the top right corner of your screen and type in&nbsp;<I>"Foreign Tax Credit"</I>.</LI> </UL><UL> <LI> <I>Income</I> tab – <I>Other Income Sources</I> and <I>Foreign Income Verification Statement (T1135)</I> </LI> </UL><P> </P><UL> <LI> <I>Foreign slip</I> is under the <I>Income</I> Tab – then <I>Tslips</I> and you will see <I>Foreign Income</I> </LI> </UL>
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