Found it, section 4 here for anyone else's reference. Thanks a mil Nelsona!
https://www.canada.ca/en/revenue-agency ... rnToCanada
Search found 14 matches
- Tue Mar 24, 2020 4:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cap gains on real estate when moving from US to Canada
- Replies: 6
- Views: 3136
- Tue Mar 24, 2020 11:18 am
- Forum: Canada / United States Tax & Accounting
- Topic: Cap gains on real estate when moving from US to Canada
- Replies: 6
- Views: 3136
Re: Cap gains on real estate when moving from US to Canada
nelsona wrote:
> since you
> owned the property before coming to Canada, you would not be subject to cap
> gains tax if you still hold it when you leave.
very insightful thanks. anywhere you can point me to this verbiage somewhere in CRA documents? Immigrant guide perhaps?
> since you
> owned the property before coming to Canada, you would not be subject to cap
> gains tax if you still hold it when you leave.
very insightful thanks. anywhere you can point me to this verbiage somewhere in CRA documents? Immigrant guide perhaps?
- Mon Mar 23, 2020 1:44 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Can you claim Canadian Taxes on Schedule A of Form 1040NR?
- Replies: 2
- Views: 1616
Re: Can you claim Canadian Taxes on Schedule A of Form 1040NR?
My understanding is you are not a US tax resident, so you wouldn't claim tax paid in other jurisdictions just as you wouldn't claim income in other jurisdictions as well.
- Mon Mar 23, 2020 1:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cap gains on real estate when moving from US to Canada
- Replies: 6
- Views: 3136
- Thu Mar 19, 2020 12:42 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cap gains on real estate when moving from US to Canada
- Replies: 6
- Views: 3136
- Tue Mar 17, 2020 1:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: best way to convert USD to CAD
- Replies: 10
- Views: 6857
Re: best way to convert USD to CAD
look into Remitr for low cost wire options
- Tue Mar 17, 2020 12:58 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Cap gains on real estate when moving from US to Canada
- Replies: 6
- Views: 3136
Cap gains on real estate when moving from US to Canada
Hi there, bought an investment property/rental in 2013 when I was a US tax resident, moved back to Canada in 2015, and now looking to sell. Assume IRS treats cap gains as sale price minus cost basis on initial purchase (and depreciation/capital adjustments). How does CRA treat cap gains in this case...
- Tue Aug 20, 2019 10:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: Moving to Canada and selling a US investment property
- Replies: 3
- Views: 2246
Re: Moving to Canada and selling a US investment property
Should also add that depreciation/CCA is treated a bit differently in US/Canada which affects cap gains
- Tue Aug 20, 2019 10:44 am
- Forum: Canada / United States Tax & Accounting
- Topic: Moving to Canada and selling a US investment property
- Replies: 3
- Views: 2246
Re: Moving to Canada and selling a US investment property
AFAIK, when you sell in Canada, you will be hit with cap gains by IRS on total gain, as well as gain of the house from the point you entered Canada to the sale. Cap gains are lower in US, so IRS takes their share then CRA tops up, via the tax treaty. So in general, yes better to sell before moving u...
- Tue Aug 20, 2019 10:37 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax treatment for a Canadian contractor working in Canada for US firm
- Replies: 5
- Views: 2382
Re: Tax treatment for a Canadian contractor working in Canada for US firm
Ok. Did a bit more research. Tax treatment seems similar, however with equity from a US co, a Cdn resident is able to defer tax owing with W-8BEN form. All else being equal, this is preferred.
- Mon Aug 19, 2019 7:08 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax treatment for a Canadian contractor working in Canada for US firm
- Replies: 5
- Views: 2382
Re: Tax treatment for a Canadian contractor working in Canada for US firm
hmm can't find the edit button.
meant to say "..or receive X in equity (RSUs) from a US company?"
meant to say "..or receive X in equity (RSUs) from a US company?"
- Mon Aug 19, 2019 7:06 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Tax treatment for a Canadian contractor working in Canada for US firm
- Replies: 5
- Views: 2382
Re: Tax treatment for a Canadian contractor working in Canada for US firm
Thanks Nelsona.
If the person is not self-employed but rather a T4 employee with a GEO such as Manpower (Canada), do you know how equity compensation is treated from a US company? Would it be more cost-effective to receive X in additional T4 salary, or receive equity (RSUs) from a US company?
If the person is not self-employed but rather a T4 employee with a GEO such as Manpower (Canada), do you know how equity compensation is treated from a US company? Would it be more cost-effective to receive X in additional T4 salary, or receive equity (RSUs) from a US company?
- Mon Aug 19, 2019 10:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Tax treatment for a Canadian contractor working in Canada for US firm
- Replies: 5
- Views: 2382
Tax treatment for a Canadian contractor working in Canada for US firm
Hi there, does anyone here have experience working as a Canadian contractor working in Canada for a US firm? How are taxes typically treated? Are they simply remitted as one sum when filing taxes at the end of the year?
- Mon May 07, 2018 5:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian with US rental income - questions on 1040NR
- Replies: 1
- Views: 1151
Canadian with US rental income - questions on 1040NR
Hi there, this is my first time filing as a relocated Canadian tax resident. I have a US rental property which generated a small amount of income after all expenses and depreciation which is detailed in the Schedule E. I received a 1099 from the property management company though I believe they shou...