Cap gains on real estate when moving from US to Canada

[tchains]

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? May be moving back to US this year - would it be advantageous to wait until then?

[nelsona]

Is this a Cdn property?

[tchains]

US

[tchains]

Any thoughts?

[nelsona]

For Canada, the tax clock starts ticking when you entered Canada, and ends when you leave Canada for this property. So you would have cap gains tax only on the portion after you become resident, until you sell. 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.

[tchains]

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?

[tchains]

Found it, section 4 here for anyone else's reference. Thanks a mil Nelsona!

https://www.canada.ca/en/revenue-agency ... rnToCanada

[Lilia33]

Looking for a transparent real estate platform in Cyprus? Take a look at https://dom.com.cy/en/catalog/sale/city-famagusta/! They update listings every 12 hours, ensuring you only see available properties. No fake listings, no hidden fees - only real prices from owners, developers and management companies! As far as I'm concerned it's very convenient and fast, so I can't help but recommend it.