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Published: March 15, 2023

In addition, real estate held abroad for personal use — such as a vacation home — need not be declared. But David Rotfleisch, tax lawyer with Rotfleisch & Samulovitch Professional Corp., warns the same property could become reportable if some or all of it is rented out during the year, or while not in use by the Canadian-resident owner.

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"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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