Departure return from Canada, forms to file with CRA and IRS

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

YES! The failure to comply with the filing requirements results in 2 things:
1. failure to file the compliance form results in a daily fine
2. Without this compliance form, the buyer is required to withhold 25% of the SELLING PRICE of your house, not 25% of the presumed gain. Then you have to wait until next spring to get all this money back, by filing a return.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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