Moved to US from Canada on July 20, sold a house on October

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Violiana
Posts: 2
Joined: Wed Oct 27, 2021 2:15 pm

Moved to US from Canada on July 20, sold a house on October

Post by Violiana »

Hello everyone, I have some questions about how our taxes are going to be now. We moved on July 15 to the US on a TN Visa (my husband's), we sold our house in Canada in October for the year 2021 we are still residents of Canada? Should we pay taxes on the gains obtained on that sale? I worked until May 2021 in Canada I am not allowed to work in the US (TD Visa). I will file my taxes in Canada as I will get a T4 for the half-year worked, then the other half I will be a dependant for my husband? will he need to file taxes in both countries? Please note that we are planning to come back to Canada next year when the school year ends (Around June), there is a small possibility of staying 1 more year, will this change anything?. Please forgive me for posting a lot of questions at once.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US from Canada on July 20, sold a house on October

Post by nelsona »

You are non-residents (emigrants this tax year) since July 15; you write this date on your 2021 return.

You don't owe any income taxes for your house, as you have a year to sell it after leaving. HOWEVER you were supposed to adhere to the rules for a non-resident selling a property in Canada.

Please review CRA forms T2062 and T2062A. There are penalties for late filing of these, so you need to take action.

Your real estate agent/lawyer should have advised you on this. But, they take their money that's all thy care about.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US from Canada on July 20, sold a house on October

Post by nelsona »

We'll deal with the first year income taxes some other time.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Violiana
Posts: 2
Joined: Wed Oct 27, 2021 2:15 pm

Re: Moved to US from Canada on July 20, sold a house on October

Post by Violiana »

Are we still on time to fill CRA forms T2062 and T2062A? or do these have to be sent along with the tax return for 2021?
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US from Canada on July 20, sold a house on October

Post by nelsona »

They needed to be sent when you SOLD the house. The penalty clock is already ticking.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Moved to US from Canada on July 20, sold a house on October

Post by nelsona »

$25 a day upto $2500.
Get in touch with your broker. This is a service they should have provided.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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