when to pay tax for 'deemed' capital gains
Would appreciate some expert advice on the following scenario: A person becomes a tax resident in Jan 2023 and would like to do a deemed disposition of a property they purchased 2 years ago when they were non tax resident. In this case,
(i) For the ‘deemed’ capital gains, is it taxable immediately or it could be paid in a future year when the gains are actually realized?
(ii) Is there any other (better) alternatives of handling the situation for the portion of the previous ‘non tax resident’ years of holding the property?
(iii) For the Fair Market Value, is real estate agent’s report good enough for indicating the fair market value of the property in question for the current taxation purposes? Or professional appraisal is required for giving this number?
(iv) When should this person get the report or appraisal? Can it be a “retrospective” report?
