Returned, how to deal with multiple properties to pay less or no tax. What is the most suitable situation to use the self-occupancy tax exemption? How to declare the departure tax is the most economical? (Summer 2020)
What should I do if I own more than one property? How to declare departure tax? How to make better use of self-housing tax exemption to save money reasonably and legally when owning multiple properties? How do I designate a primary residence when owning multiple properties? How to calculate overseas assets? How to declare overseas assets? How to deal with the overseas assets owned before entering the country when leaving the country?
Welcome back to the Golden Key Property Tax Channel. We said before that after Canada becomes a tax resident, it is necessary to declare overseas assets according to the regulations. If you do not declare or underreport or overreport, you will be in big trouble later. What I want to tell you today is the departure tax, which is a common tax that needs to be declared when you plan to "return" and leave Canada. It is also related to real estate. When Mr. Lin, the protagonist of today’s story, intends to leave Canada, what advice will the accountant give him to maximize his reasonable and legal interests for the three properties under his name?
