Form T2062 for disposition of Canadian Property
Moderator: Mark T Serbinski CA CPA
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Form T2062 for disposition of Canadian Property
Hi. I am a dual US/Canadian citizen living in the US for 28 years. I am selling a property in Canada I have had for 31 years. In form T2032 for the certificate of compliance, can I check the exemptions box due to the tax treaty with US and Canada and thereby not paying any capital gains in Canada, but I would put the capital gains on my US income tax instead. Thank you
Re: Form T2062 for disposition of Canadian Property
No. You MUST pay tax in Canada (and US) on the sale. You will get credit for the Cdn taxes on your US return.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 16
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Re: Form T2062 for disposition of Canadian Property
Thank you. That’s what I thought but I was hoping. Lol
I have another question. I have had the property for 31 years and we have done extensive renovations inside and outside. I have a lot of the bills, but over the years many more bills have faded or gone missing. How do I claim the renovations for cost basis. Can I make just make a list of all the renovations done per year or are they sticklers about having bill for each renovation. I can also include before and after pics and construction pics. Thx
I have another question. I have had the property for 31 years and we have done extensive renovations inside and outside. I have a lot of the bills, but over the years many more bills have faded or gone missing. How do I claim the renovations for cost basis. Can I make just make a list of all the renovations done per year or are they sticklers about having bill for each renovation. I can also include before and after pics and construction pics. Thx
Re: Form T2062 for disposition of Canadian Property
You need receipts for any claim to adjust cost basis to be approved.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 16
- Joined: Sat Oct 27, 2012 4:13 pm
Re: Form T2062 for disposition of Canadian Property
Thank you
Do you happen to know where I send the completed certificate of compliance application? I can’t seem to find it online. It is for Manitoba. Would it be to your local CRA office?
Thanks
Do you happen to know where I send the completed certificate of compliance application? I can’t seem to find it online. It is for Manitoba. Would it be to your local CRA office?
Thanks