Declaring foreign owned property that is worth around $100,000.

[Wenceslav]

Hello everyone, 

I have foreign owned property that I inherited from my grandmother. It’s just sitting there (i.e. house). It’s worth around 100,000 dollars Can.. Should i declare it if it’s just sitting there and I have never rented it or made any money from it all. 
 

I did read somewhere that I only have to declare if I’m making money for rent etc. But it’s not the case for me, so am I obliged to declare. 
 

any help or pointers to sources of info would be greatly appreciated.

(Note: I’m in the process of selling it this year. And the real estate agent told me I’ll be able to get about 105,000 Canadian dollars). 

thanks

Wenceslaus

[Geo123]

Hello Wenceslav.

As per the CRA site.

Do I have to report foreign personal-use property on Form T1135?
No, you do not have to report personal-use property. This includes vacation property that you use primarily as a personal residence (see real property questions below) and listed personal property such as works of art, jewelry, rare folios, rare manuscripts, rare books, stamps, and coins.

https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/information-been-moved/foreign-reporting/questions-answers-about-form-t1135.html

 

You can confirm with the CRA :

 

Contact the CRA

1-800-959-8281 for inquiries related to individuals.

 Telephone numbers – Canada Revenue Agency / CRA wait times:

https://www.canada.ca/en/revenue-agency/corporate/contact-information/telephone-numbers.html