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Form T1161 - List of Properties by an Emigrant of Canada. If the value of the property is more than $25,000 at the time you leave the country, you must complete the Form T1161, List of Properties by an Emigrant of Canada.
Form T1243, Deemed Disposition of Property by an Emigrant of Canada. Form T1244, Election, under Subsection 220(4.5) of the Income Tax Act, to Defer the Payment of Tax on Income Relating to the Deemed Disposition of Property.
If the value of the property is more than $25,000 at the time you leave the country, you must complete the Form T1161, List of Properties by an Emigrant of Canada. In addition to Form T1161, a list of all of your properties inside and outside of Canada must be attached to your tax return.
Non-residents have to pay a 25% tax on amounts that are taxable under Part XIII. However, this rate can be reduced to a lower rate or an exemption can be given under the provisions of the Income Tax Act or a bilateral tax treaty between Canada and another country.
Its important that you tell the CRA the date you leave Canada. Generally, as a non-resident, you are not eligible to receive: the GST/HST credit. the Canada child benefit (CCB) (including those payments from certain related provincial or territorial programs)

People also ask

How can I avoid paying taxes on an inherited property? Most of the time, you dont have to do anything. As long as the property youre inheriting was the deceaseds primary home, the transfer will be tax-free. If it were a secondary home, taxes would be paid by the estate, so the property still comes to you tax-free.
Form T1161, List of Properties by an Emigrant of Canada. This is required to report any property where the aggregate fair market value of the properties is greater than $25,000.
If you sell your foreign property, you may be able to make a 1031 exchange (also called a like-kind exchange), in which you swap one investment property for another similar property on a tax-deferred basis. 14 Many investors use this strategy to defer paying capital gains and depreciation recapture taxes.

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