We are new residents to Canada (Feb 2018). We owned a condo in Canada as a non-resident - which we disposed in Oct 2018 - what are the Capital Gains implications?

I have read on the CRA site that property owned before residency is deemed to be disposed off at FMV (Fair Market Value) on the date that residency is established.

Does this rule apply to the condo?

Presumably this has an effect on the capital gains reported

Answer

There are a lot of variables in this question. Did you become Canadian residents in Feb 2018 or was that just the date you entered Canada. Do you own the condo previous to that date? Were you residents when you sold the condo? Was the condo your principal residence? Because of this, I would recommend contacting the CRA or someone with expertise in these matters to discuss this question.

If you need to access your return to make changes, track your refund, view your credit payments, etc., you can do so by logging in to your CRA My Account.

Or, you can contact the CRA by phone to inquire about your taxes and benefits, and provincial tax programs.


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p_cg_tto_us_lc_na_question:L3GnGV2v5_CA_en_CA

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