Serbinski Accounting Firms

The Personal Tax Planner Guide that the Canadian Istitute of Chartered Accountants says that:

"total net gains or losses of $200 of less in a year on foreign exchange investments are not reported on your return. If the gain or loss is greater that $200 you have to report it."

I read that to mean ...

Sorry, assume this is after the 60 months protection period. Say i left in 2013 or later

Don't give up on me yet, I almost understand it (I think).

My understanding was that the deemed dispo taxes are paid to Canada upon leaving the country and at that time I haven't sold assets in the States to incur a cap gains tax therefore why would I get a US tax credit? The dispo tax could have ...

For example, if I transfer US dollar assets into Canadian dollar denominated assets then they will be consider completely different assets than what I had prior to being a resident. For example, US domiciled mutual funds can not be transfered to Canada. If I sell them when I become a resident then ...

Nelson,

1) Above you said that I wouldn't have to sell my US brokerage assets immediately and move them to Canada, Is there a deadline?

2) There is a CRA rule that says should I not live in Canada for more than 60 months in a 10 year period then any assets that I had when I first became a ...

"property you owned when you last became a resident of Canada, or property you inherited after you last became a resident of
Canada, if you were a resident of Canada for 60 months or less during the 10-year period before you emigrated;"


Hi,

I culled the quote above from CRA's Form T1243. Does ...

I am not trying to hedge against the gain.

I am trying to get used to the fact that if I stayed in the US, and say the US dollar strengthen and then I went and bought CNDs I would just get more CNDS. No cap gains.

Now if I become a resident that same transaction would be subject to a cap gains ...

Thanks again.

Let me make sure I understand this correctly.

1) If the USD strengthens against the CND say 10% and I exchange $2000 USD for CND I will have to pay cap gains on the 200 gain PLUS a fee each time I do a transaction like this?

2) By the same token, if when I become a resident I put ...

Yes, I am asking about a resident in a tax sense.

What was your answer? I can't tell if it was cut off or not.

Thanks.

If I transfer US Dollars (cash) into a US Dollar denominated account in Canada and the US dollar strengthens and I then buy Canadian dollars does this trigger a capital gains event or would I merely pay the exchange fees?

Thank you for all your answers. You are a real help.

My Husband sponsored me to be a permanent resident. We sent in our applications and paperwork to the office in Alberta in late 2007. We used the In Canada application because we thought it would be faster. In any case, i ended up going back to the States to continue working on various consulting ...

Nelsona, thanks for your advice.

I keep reading about this new legislation in the states that imposes a departure tax on assets of 2MM with an exemption of 600K. Also it would impose 30% withholding on IRAs left in the US. Politics aside, my question is:

1) do you know if this has actually ...

If I do have to pay a departure tax upon leaving Canada someday to return the US on the growth of my portfolio does that mean I will be taxed again when I finally sell the securities in the States?

Hi,
I am visually impaired so bare with me if you can. It took me a long time to even to log on. If these questions are answered in the forum elsewhere maybe you could send the links. I couldn't find them. Thanks.


I am a USC and married a Canadian in 2007. I applied for PR in Canada in 2007 ...