Selling House in Canada while TN/TD

Kroeran · Post by **Kroeran** » Wed Jan 09, 2013 11:43 pm

Big capital gain in the Canada house protected as primary residence regarding CRA.

If we are TN/TD filing married US, we have 500k or so protected?

nelsona · Post by **nelsona** » Thu Jan 10, 2013 10:55 am

As a former Cdn resident, you get 2 levels of protection: first, your cost basis cannot be less than the FMV when you left Canada, and then you also get the $500K exemption for any gains made after you left Canada. This presumes that you do not rent out your home after leaving Canada.

CRA will exempt gains on your principla residence upto deperture date PLUS one year, again assuming you do not rent out your former home.

Kroeran · Post by **Kroeran** » Thu Jan 10, 2013 11:20 pm

And what if I rent out for more than a couple of years?

Can I lock in the exempt gain with an appraisal upon exit?

nelsona · Post by **nelsona** » Sun Jan 13, 2013 6:27 pm

Yes, if fact you probably should get an appraisal before leaeving.