CNTower
2023-4-5 19:48:24
My whole family got them almost every year.
CNTower
2023-4-5 19:57:41
If you meet the requirements as personal use, then you don't have to file T1135
However, when you sell it, you may be subject to capital gain tax.
You should obtain an appraisal on the date you entered Canada (convert to Canadian dollar on the same day).
Why don't you sell the property or transfer to your relatives before you leave? (because of HK transfer stamp duty?)
https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html#h3
Real property
If an individual owns a condominium in Florida that has a cost amount of $120,000, is the property specified foreign property for the purposes of Form T1135 if the condominium is:
used exclusively by the taxpayer as a vacation property?
rented out for eight months of the year with a reasonable expectation of profit and kept for personal use the other four months?
rented out for part of the year without a reasonable expectation of profit for the purpose of recovering a portion of condominium expenses?
Specified foreign property does not include personal-use property. Personal-use property is generally defined as property owned by the taxpayer that he or she or a related party uses primarily for personal or enjoyment purposes. The CRA takes the view that "primarily" means more than 50%. Whether a particular property is primarily for personal use or enjoyment is a question of fact that is determined on a case-by-case basis.
In situation (a), the individual does not need to report the condominium since it is held primarily for personal use or enjoyment.
In situation (b), the property is not held primarily for personal use or enjoyment. As a result, it is a specified foreign property and has to be reported on Form T1135.
In situation (c), if there is no reasonable expectation of profit and the individual is merely recovering part of the condominium expenses, the CRA will consider it a personal-use property. As such, the property is not a specified foreign property and is excluded from the reporting requirements of Form T1135.
FACTS
Unlike in other countries such as the United States, Canadian tax rules do not allow spouses or common-laws to file joint income tax returns. Each Canadian files their own tax return and indicates their marital status on the return, and who they are married to / living with.
You do not get to decide whether to claim your marital status on our tax return. Once you are married, you must include your spouse. Once you are common-law, to be considered common-law, two people must live together in a conjugal relationship for 12 months or immediately if you have a child, then you must file as common-law.
The CRA knows your true marital status based on information you file, credits and deductions you apply for, and based on other information that is sent in which relates to you.
Since your marital status has a significant impact on your return – family incomes are combined for calculating income-tested benefits, such as the GST/HST credit or the Canada Child Benefit.
Couples benefit from combining charitable donations and medical expenses.
NOTE: If you receive benefits you are not entitled to because of an incorrect marital status, you will be asked to repay them, with penalty and interest.
Failing to indicate the correct marital status is tax fraud.
Filing as Married
If you were married or in a common-law relationship in the tax year for which you are filing, you must note your status as in the “information about you” section of your tax return, including information about your spouse – their name, social insurance number, net income and employment status. Your tax preparation software may include an option to prepare a ‘coupled’ return, which means you enter the information for you and your spouse together but you file separately once you have completed your tax return. By using this method, the software maximizes the benefits for the couple as a whole while still generating two separate returns. If your spouse claims credits, such as the CCB, or GST/HST, or if they owe any payments, you must report that as well.