Capital Gains tax on US Citizen-Canada Residents who return

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bamatexan
Posts: 5
Joined: Wed Feb 24, 2010 11:03 am

Capital Gains tax on US Citizen-Canada Residents who return

Post by bamatexan »

I am a US citizen who is retired, and live off investment income alone.
I am contemplating a move to Canada, subjecting myself to dual filing requirements.
I may or may not eventually choose to work in Canada.
I would be applying for dual citizenship, using a Spousal Sponsorship by a Canadian spouse.
Would I be able to keep my existing brokerage accounts in the US once I relocate to Canada?
I read on your site about Canada imposing capital gains taxes on the increased value of capital assets held during residency in Canada. Does this capital gains tax apply to increased values of US stocks and bonds that were owned before establishing residency in Canada?
I assume income on such investments would be taxed by Canada and also reportable to the US, and I would get tax relief in the US for taxes paid to Canada?
nelsona
Posts: 18676
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Please ask this on the tax forum. I promise to answer there...
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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