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

[borsambeg]

Inherited property can sometimes come with tricky tax implications. Iit's generally a good idea to declare any property you own, especially if it's worth a significant amount. Even if you haven't rented it out or made money from it, it's still considered an asset and may need to be reported for tax purposes. It's worth checking with a tax professional or researching the specific regulations in your area to be sure.

By the way, if you're looking into other investment options, have you considered Dubai property? It's an interesting market with potential for growth.