Resetting Cost Basis from Moving to Canada

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cfn2007
Posts: 73
Joined: Sun Nov 25, 2007 9:14 pm

Resetting Cost Basis from Moving to Canada

Post by cfn2007 »

I know that when I emigrated from Canada, I had to pay an "exit tax" using form T1243 to declare current market value for investments.

What about immigrating to Canada? Do I need to file anything with my Canadian return declaring market value of investments? I know I'll need these values in the future whenever I decide to sell but I am not sure if any current reporting requirements for another "deemed disposition" to reset cost basis.

thanks.
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Carson
Posts: 183
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

No.

Just have proof of fair market value in your files in case you ever have to justify the "new" cost basis to the Canada Revenue Agency.
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