Why do I need to tell the government whether I own/hold a foreign property with a total cost of more than CAN$100,000?
You need to file the value of a foreign property accorded to its market value so that the government will know whether you have a capital gain or loss when you dispose your foreign property. 8. Is the sale of real estate taxable? The gain you generated from selling a real estate is a capital gain, unless the real estate is your principal residence, or the property has been developed and sold as a business endeavour. The government will levy tax on 50% of the capital gain. If it is considered a property development business transaction, the entire profit on the sale is taxable.
