housing sale - moving to canada

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bigcityblue
Posts: 13
Joined: Mon Mar 13, 2006 8:41 pm

housing sale - moving to canada

Post by bigcityblue » Wed Apr 05, 2006 7:24 pm

My wife (American) is moving to Canada with me (Canadian). She owns a vacation property in the United States. If she sells it after we move to Canada, will she have to pay capital gains in the United States or Canada?

nelsona
Posts: 16364
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Wed Apr 05, 2006 11:06 pm

If she sells before she will pay gains only in uS.

If she sells after she will pay gains in US and in Canada, but in Canada the gains will only be based on increase in value post-arrival in Canada, very small, with a credit for the US tax paid on that small amount.

Not a big worry. :)
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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