Hello - my apologies if this has been addressed elsewhere, but I wasn't able to find anything on our exact situation.
We are US citizens attempting to move to ON via the Express Entry program. This should result in PR status and start our journey toward dual-citizenship. My question concerns the timing of selling our US home - is there any advantage to selling it before moving vs. after moving tax-wise? Similarly, if we move with only a work-visa, does this change the answer to this question?
Thank you in advance for the guidance.
Timing the selling of US home when immigrating to Canada with PR
Moderator: Mark T Serbinski CA CPA
Re: Timing the selling of US home when immigrating to Canada with PR
It is simpler if you sell before moving, but you would have two years to sell without any US taxes (unless you rent it out) and there is no chance that any gains would occur after entering Canada (which would be taxable in Canada).
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing