Non resident of Canada sold property in Canada

[Lolapalola]

I am a resident of the US. I recently sold inherited land in Canada. I have the sale price and the cost basis. I already paid taxes to Canada for the taxes on the capital gains. I understand I need to fill out Canadian income tax and place the gains in capital gains. Where would i put the taxes that I already paid. Also the provincial part is asking about worldwide income. Do I need to fill that out?
Thx in advance.
Brenda

[nelsona]

If this is your only source of Cdn income, you should be filing a anon-resident return, not one for the provinces.The reason you are being asked your world income is to determine if you should get all the normal credits or not. Make sure you fill in the control questions correctly, that you are NON-resident.

[nelsona]

You will also report the sale on your US return, and get credit for the Cdn taxes.
The taxes you already paid go on the Cdn return on the taxes paid line. Hopefully you will get a refund.

[Lolapalola]

Thank you for your reply. Yes this is my only Canadian income. That is what I thought about only claiming the sale money and not world income. I was doing it on TurboTax and the provincial automatically came up. Thx!

[Lolapalola]

Also I already paid the taxes on the sale of the land. Where do I report this on the Canadian income tax. It is not the land transfer tax is it? Thx

[nelsona]

Reread my answer, please. I told you where the taxes paid go. You received an NR4, it also instructs you where to report the withheld taxes.

[Lolapalola]

I am a non resident of Canada (Canadian citizen) living in US. I have had a vacation home in Canada for over 20 years. We bought it for $34,000. We have done a lot of renovations over the years at a cost of at least $100,000. Now home is worth considerably more. I am looking to sell it. How do I account for renovations in cost basis when claiming capital gains? Thx

[nelsona]

By having kept record of all capital improvements (general repairs typically do not count), and add these to the purchase price.

Both CRA and IRS have guides that explain determining the cost basis. Remember for US tax purposes that each costs and the purchase are to be calculated using the exchange rate in effect when the purchase/cost was incurred.

Remember too, that as a non-resident, there are CRA tax compliance issues that need to be handled before, during and just after the sale.

[Lolapalola]

Thank you!