Canadian Citizen moving to US on Green Card Exit Tax on prop

[jwhite]

I will be moving to the US via a green card (married to an American). From what I understand property outside of Canada is subject to the exit tax. My American husband and I plan to buy a new home in the US before I move. The property will be in both our names. Does this mean this house will become subject to the exit tax given that my name will be on the property? The property will be bought in the same tax year that I will be establishing US residency.

Also are funds in cash accounts in banks in Canada (chequing, savings), subject to this tax? I recently liquidated an asset in anticipation of moving and am trying to figure out how to handle the proceeds. Thanks

[nelsona]

Any property you have will be subject to deemed disposition. Of course, the gains that you would make on a house you just purchased would be non-exiatent, so there is no need to worry about this.

Money in the bank is not taxable in itself, never has been. Only inters from that money is taxable.