Third Party Valuation before moving from US to Canada?

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akh
Posts: 2
Joined: Tue Jun 15, 2021 10:48 pm

Third Party Valuation before moving from US to Canada?

Post by akh »

I am a dual US-Cdn (married to Cdn), we have lived in California last 7 years, now moving permanently back to Canada. I read somewhere that I need to have a "third party valuation" of all US assets before I cross the border and establish Cdn residency. Forgive my ignorance, but simple googling hasn't given me a clear answer... what exactly is this and how is it done? Thanks!
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
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Re: Third Party Valuation before moving from US to Canada?

Post by nelsona »

Well, it isn't as complicated as you make it sound. Everything you own (that could be taxed if sold) gets reset for Cdn tax purposes when you move to Canada. So, for stocks, mutual funds etc, it is simply the FMV on the day you move.

For other things, such as real property or business property, you need some form of evaluation to determine when is is worth when you move.
What assets do you have that fall into that category?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
akh
Posts: 2
Joined: Tue Jun 15, 2021 10:48 pm

Re: Third Party Valuation before moving from US to Canada?

Post by akh »

Thanks for the quick reply. We don't own any US property, so our assets are all investment accounts with Vanguard or cash. So nothing is required for these kinds of assets?
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