Foreign Investment and Property
- Thank you so much for your previous reply! It’s been most informative. I would like to ask more clarifying questions in regards to my deceased father’s assets overseas. Once the shares have been transferred to my name and I decide to sell all of them, if it was sold on the same day the ownership was transferred, then the money I gain for the value of all those shares are not taxed since it is my inheritance. However, if it’s sold at a later time, then the difference from the value on the day I inherited the stock with the value on the day I sold the stock is the taxable capital gain, right? So if the stock is worth $100 on the day I inherited it and sold it for $500 a year later, then the tax would be on the capital gain of $400 that I earned and that’s what I need to put on my tax claim for the year I sold the share, correct? There are dividends that are ready to cash out, although I don’t have the specific amounts yet, but was told that these are part of my dad’s assets and can’t be given until his estate is settled. Are these dividends still part of the inheritance along with the stocks? So the dividends I would receive when the ownership is transferred to me isn’t taxed either since I am inheriting them? The other thing too is that we just recently confirmed the existence of these stocks, are verifying their value and how to transfer ownership in the Philippines although my father passed away almost 4 years ago. He left no will so we are settling this out of court within our family, so I’m wondering if the capital gain from the stock’s value from 4 years ago to the day I get the ownership is taxable for me. I’m thinking not, since he still technically “owned” the stocks for the last 4 years. Is that correct? I believe that country’s equivalent to the CRA there will figure out what kind of tax needs to be paid for that capital gain there, so no taxes in Canada would apply, right? Please advise again. Thanks![…]
- I am going to be selling some investments that I have been given or purchase from my company which operates out of the USA. What information do I need in order to do my taxes next year without the trouble of getting it then. I don’t think they send out a[…]
- I have purchased mutual fund bonds in Israel in 2013. They do not send out Tslips to state capital gains or interest. My financial advisor in Israel has asked if Revenue Canada demands I record unrealized mutual fund capital gains annually or not as I[…]
- I have few short questions regarding a small bank account overseas. My parents in Greece are considering opening a simple deposit account for me (in my name) there, so I have something in the motherland Greece. The amount is 15,000 euro (19,000$ Canadian)[…]
- I own a rental property in Mexico. When I purchased it I was advised that I could write off my expenses. Now I am told that I cannot do that. However, I have to claim my rental income. How can this be right? If this is the case it is smarter to leave[…]
Posted March 31st 2016
There’s a lot of talk this time of year is about what Canadians need to know heading into tax season. What about the more than one million Americans living in Canada? As the only western country that taxes its citizens, regardless of where they are living or earning income, the US has strict rules in […]
Posted July 2nd 2013
To crack down on unreported assets and income being held outside of Canada, the federal government is introducing changes to Form T1135.
Posted April 25th 2011
If you are subject to the foreign property reporting requirements, you must file Form T1135 by the tax return deadline even if you have a refund coming.