Deemed Deposition for Under 6o-month Residence

[taraB]

"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 this mean that the stocks, bonds, and financial assets that I may have owned prior to becoming a resident of Canada are not subject to the "departure tax" of deemed depostion? And if I stay in Canada for less than 60 months I am exempt from this? What about reinvested dividends after becoming a resident?

Sorry for all the question. I very much appreciate the help.

[nelsona]

I think the staement is pretty self-explanatory. It means if you live in canada for less than 5 years, you won't owe deemed dipso tax on the investments you brought here.


There is more detail in the IT from CRA on deemed dispo that you are free to read.