I'm seeking guidance on whether I'll need to pay capital gains tax for selling a foreign property I inherited. Back in 2003, my grandmother leave her apartment to both my sister and me. We haven't taken any action regarding the property for two decades, but now we've decided to sell it. The estimated value of the apartment is around 120,000 CAD, with each of us owning half. I expect to receive my share in my Canadian bank account either in December 2023 or early January 2024. Would I need to complete form T1124? Also, if the foreign country (Poland) doesn't require me to pay tax, will there still be a tax obligation in Canada for this sale?
Did you rent out this apartment or live in it? Because this was years ago, we think it best that you contact the CRA directly at 1-800-267-6999
I lived in this property during 2005-2012. Once I moved to Canada permanently in 2012, the property was used by family members. I had no rental income from it