Disposing of your principal residence

Alwaysdream · Post by **Alwaysdream** » Mon Mar 15, 2010 9:19 pm

I read the following in t4037 publication:

When you sell your home or when you are considered to
have sold it, usually you do not have to report the sale on
your return and you do not have to pay tax on any gain
from the sale. This is the case if the home was your
principal residence for every year you owned it.

1) I'm little confuse if emigrant should report the selling of his home or no?
2) Is correct that emigran have up to one calendar year to sell his primary resident without reporting capital gain? Which publication has this info?
3) Should I report buying new home after emigrate from canada, if I purchase it after emigrate? ufile asked me if I own foreign property more than 100,000 in year 2009?

nelsona · Post by **nelsona** » Tue Mar 16, 2010 6:12 am

The moment you are non-resident, you MUST comply with non-residnt sales of real property regs which includes certainly form prior and after sales. See non-resident guide.

While you must report the sale, this does not mean that you owe tax. Emigrants can sell the principal residence they had when they left one year after departure with no Cdn tax owed.

But you stioll have to com-ly with non-res regs.

Alwaysdream · Post by **Alwaysdream** » Wed Mar 17, 2010 6:47 pm

can you please explain what "comply" mean? Do you suggest any publication to read?

nelsona · Post by **nelsona** » Thu Mar 18, 2010 6:18 am

Reread my answer.

Alwaysdream · Post by **Alwaysdream** » Fri Mar 19, 2010 6:40 pm

Thanks, assume when I sold my home I wasn't intend to stay in usa, now I'm. is there any way to handle that?

nelsona · Post by **nelsona** » Sat Mar 20, 2010 5:44 am

Geez. READ THE NON-RESIDENT GUIDE.