I bought an Agricultural property in India in 2007. I became a Canadian PR in 2009. Now I am a Canadian citizen. I was not gaining any income from this property until now. But there is an appreciation value to the land which could be over CAD 100K.
Since it’s a personal property with no income gained over these years, I had not declared it during my tax filings.
I am currently planning to sell the property. What are my obligations at this time. When do I declare it to the CRA thru the T1135? After I sell the property or should I be declaring it sooner.
Thanks for your advise.