US Cross-Border Tax Blog

Published by W.L. Dueck LLP

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Emily Yu

US Federal Income Tax – Gains on Sale of your Canadian Home Part 2

When an individual moves from Canada to the US, he must decide whether to keep or to sell his former home in Canada. Depending on the decision, it may result in different income tax or reporting implications in Canada and the US. When an individual ceases to be a resident of Canada, he is deemed to have sold his worldwide assets (with some exceptions) and is subject to Canadian tax on any accrued gains in the year he emigrates from… Read More