Quote:
Originally Posted by Traum
Quick question:
My cousin is a Canadian citizen with non-resident status, and she currently does not file a Canadian income tax return. Instead, she is currently working in Asia, and is considering to buy a place in (Metro) Vancouver -- both for medium term investment purposes and for generating income (ie. plan on renting it out for the time being). She may or may not move back to Vancouver in the future.
1) If she purchases a property, does she have to pay foreign home owner tax?
2) What are the tax implications when she starts renting the place out? Obviously, she will have to start filing (Canadian) income tax returns. My biggest concern and the question that I do not have the answer to is -- would she have to start reporting her Asia income, and get (Canadian) taxed on that as well?
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Great68 summarized it already but to confirm further for #2, given what you've stated, she won't be taxed on her Asian income. She should only be taxed on the Canadian rental income.