Oversea Real Estate Investment and tax issue
My dad gave up his PR status last year and I am a dual citizen.
I know I am supposed to file it if I purchase it under my Canadian passport.
If I purchase a property outside Canada under my dad's name (i want to give him as a gift), do I need to inform Canadian government?
If I purchase a property in U.S. under my name, is IRS going to inform CRA? I know CRA report to IRS if an American citizen or permanent resident having asset in Canada.
I know I am supposed to file it if I purchase it under my Canadian passport.
If I purchase a property outside Canada under my dad's name (i want to give him as a gift), do I need to inform Canadian government?
If I purchase a property in U.S. under my name, is IRS going to inform CRA? I know CRA report to IRS if an American citizen or permanent resident having asset in Canada.