What you need to know about the asset declaration when you declare Canadian immigrants.

With regard to capital gains, it is worth noting that on the day of becoming a taxpayer, the property owned by new immigrants overseas is deemed to have been purchased at the "fair market price" that day, and when selling and disposing of such property in the future, the cost will be compared with the transaction price to calculate whether there is capital gains.

The following are some key points for evaluating the "fair market value" of different types of property:

Securities-publicly listed securities shall be subject to the stock quotation published by the stock exchange; For unlisted securities, market price information can be evaluated professionally and objectively by people familiar with the enterprise, such as accountants and enterprise price appraisers.

Jewelry, antiques, collectibles-you can consult the brokers of coins, jewelry, antiques, calligraphy and painting to obtain market price information. You can also quote the price tag in the catalogue of this kind of goods as evidence.

Q: If I have a house in China, do I have to pay taxes?

A: The houses in China are overseas properties, which are different from imported properties. When immigrants enter the country for the first time, all the articles they carry can be exempted from tax, including those filled in the list of subsequent articles. If you enter the country for the second time, you will have to pay customs duties if the goods you carry exceed the prescribed value limit. Therefore, when you enter Canada for the first time, you should register the duty-free list, otherwise these items will be regarded as overseas shopping and subject to customs duties when they are taken out of Canada and re-entered.

For example, when I first entered China, I didn't register my laptop with a tax-free form. Later, when he returned to China and brought it back to China and Canada, he was asked to pay the tax of 100 Canadian dollars.

Q: I see. So, do overseas properties have to pay taxes to the government? Where's my savings? If so, how much is it in principle?

A: Overseas income is taxable, especially for Canadians who work overseas all the year round. For example, your overseas salary income, interest income from your overseas savings and income from your overseas investment are all taxable in principle. However, because the Canadian government can't find out a lot of overseas income, except for a very large amount of income, many others can still not declare it. The tax paid is similar to the income tax paid by Canadians in China.