Selling Foreign Property

[invst4profit]

Suppose I build a vacation home in Belize rent it out and use it myself for 10 years then sell it for about twice what it cost me to build.

How does the Canadian Government view the money for tax purposes and what is the best way to get it back into Canada (tax savings wise).

 

[Thomas Beyer]

Like any investment property, i.e. capital gains I'd surmise. You also have to state that you have assets outside the country and fill out the appropriate tax forms.

 

[DonCampbell]

Step #1: Get a Canadian based Accountant who knows international real estate transactions (such as George Dube's team)



Step #2: Sit with him/her to set the ownership structure up to best position yourself for future sale AND current rental income



Step #3: Follow the plan, and instruct the accountant to pay close attention to any tax changes that occur during your hold period.





Don