This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
If a non-resident bought a property in Canada and keep it vacant for a few years and then start renting it out, is there any tax consequences or reporting requirement for CRA? Thanks
Only when you rent it or sell the property (the cap gains will be fully taxable in Canada)
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
I understand the rental income must be reported to CRA. I'm worried about whether this situation is treated as change in use. I read that change in use causes a disposition for home owners. Do you have any idea??
Not for non-residents. It cannot be your principle residence, so no change in use.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best