Out of court settlement...taxable?

[jrocha83]

Hi,

I have not yet settled out of court, but I have situation where I own a property in Portugal. A builder settled with me out of court due to a proximality issue...anyway, we have a tentative settlement of 18K Euros, out of court.

I don't live at all in Portugal, nor do I use this property as an income source, nor do I have any income in Portugal. It's owned outright and essentially it's my vacation home.

Curious if this needs to be declared here in Canada since it is my permanent. 

[lena22sx]

As we would need more information to properly help you, we will advise you to contact the Canada Revenue Agency (CRA) for further information about this situation. There are many variables to review.

Thank you for choosing TurboTax.