I'm a non-resident and emigrated from Canada. Is my principal residence subject to the deemed disposition rules at departure ?
I have lived at that place for years before emigrating. Now, if I sell it later as non-resident, do I need to pay capital gain tax ?
principal residence in T1243
Moderator: Mark T Serbinski CA CPA
Re: principal residence in T1243
It is not subject to deemed disposition, since you will eventually pay tax on the future sale, with some restrictions. For example, if you sell within a year after leaving, there will be no tax.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing