Foreign property
Posted date : Aug 2, 2023.
When Canada Revenue Agency (CRA) asks if we own a foreign property worth more than $100,000 CDN, are we only required to respond YES once we have sold the said property, or every year that we think it’s worth that amount? Some Canadians may have paid a lot less than $100,000 CDN at the time of purchase, but the value of the said property would fluctuate from year to year and thus, how are they to know, unless they sell it?
Lynn Fenton
Ontario
Ed.: Foreign property includes stocks, cash, investments and real estate, but does not include personal-use property such as a vacation home that you use primarily as a personal residence. So, you do not have to declare your snowbird winter home on your CRA tax return.
