0
Reader (anonymous)

As a Canadian going to have green card soon,What is the taxation look like with having a house in Canada which rented and still under mortgage?If we want keep the house ,probably we should claim non-canadian residency as soon as get the green card.What is the tax implication in Canada for rent , interest on mortgage and damages and amortization of the house?
If we want sell the house as a non-resident of Canada ,should we pay tax to capital gain only?how they calculate this Tax portion? or we should pay tax on a percentage of total price of the house plus percentage from each year’s rent?I heard we can keep the house in Canada as a main resident with CRA for three years and as long as claim the tax in US, we only need to pay tax on rent we get in Canada not on tatal icome from US+rent from Canada.

MadanCA Team edited question