Canadian resident with dual citizenship (USA/Canada)

[SarahH]

Are Canadian stocks (ie. individual stocks, not mutual funds or ETF's), held in non-registered accounts, tax-sheltered by the IRS for Canadian residents with dual citizenship (USA/Canada)?

[nelsona]

All non-US real estate and non-US resource gains are "sheltered" from US tax, even in a TFSA.

But, the sheltering is performed reporting the income and then using form 1116 and claiming tax against the US tax that arises.

One can't simply exclude the income from their 1040.

[SarahH]

Thank you for the response, this is helpful information. Much appreciated!