Deemed disposition Canada Exit tax and foreign property

[coffeebreakny]

I'm trying to get a better understanding of the Exit tax. I understand that unrealized gains in brokerage accounts and Canadian property are subject to the departure tax. Is foreign owned property purchased while domiciled in Canada also subject to unrealized gains at FMV on the departure tax? Example scenario: While living in Canada, I decide to purchase a vacation home in Palm Springs. If I move to Palm Springs and leave Canada permanently, is the Palm Springs property subject to the departure tax as well?

[nelsona]

Yes. You can at that time elect to have the property considered sold in US as well, to mesh the tax credits.