Does owning DVC get mentioned to Revenue Canada?

[bluenosemickey]

Seeing as it is coming up to tax season, I was just wondering if anyone knows if owning DVC needs to be mentioned to CRA?

It is technically ownership of foreign property, is it not?

Thanks

 

[CanadianGuy]

On my tax forms it asked me specifically if I owned foreign property valued at $100,000 Canadian or more.

I do not.. so I simply repsonded no.

I would suggest that you confirm with a tax preparer, but I believe the correct answer to your question is no ... since most DVC ownerships would not be valued at $100,000 or more.

?

Knox

 

[dhluvsDisney]

It's not really "owning" foreign property if you look into your agreement as it is such a tiny amount. Our bank told us that it is not.

 

[abirdd]

Although we didn't buy into DVC, we had specially asked this question... and the answer was "no". As suggested by Knox, you might want to double check with a tax preparer or Revenue Canada just to be sure.

 

[bluenosemickey]

Thanks everyone, I thought as much, but you never know!