We own a house in US and thinking of moving back to Canada.
What are the tax implications when we sell the house of bringing the money back to Canada?
The house will not sell until we have moved back to Canada, are there different tax issues because we moved back prior to house being sold.
When the house does sell, is it best to keep that money in the US and invest it.
If we bring the money back to Canada is it best to put that money into buying a house in Canada or investing it.
Does capital gains come into play?
Will we pay tax in both US and Canada.
We are not US citizens and awaitng green card (which is about 37 months away from being approved)
Thanks.
Canadian living in US moving back to Canada
Moderator: Mark T Serbinski CA CPA
Where the money goes is NEVER an issue in taxation.
If you sell within first year of moving to canada, you will owe no Cdn tax. If you sell within 3 years of moving you will owe no US tax.
If you sell within first year of moving to canada, you will owe no Cdn tax. If you sell within 3 years of moving you will owe no US tax.
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