Move to US and deemed disposition of assets
Moderator: Mark T Serbinski CA CPA
Move to US and deemed disposition of assets
I am a dual US/Cdn citizen. My husband is US citizen and Canadian resident. I have a corporation in Canada (own 27%). We'd like to move to the US for a few years. Do I have to go through a deemed disposition of assets before leaving Canada? My work would bring me back to Canada on a regular basis. We also own a home in Canada.
If you move to US you will be subject to deeming. Of course, not all holdings are subject to deemeing. Typically Cdn private companies, since they remain taxable in canada, are not subject to deemed dispostion.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing