Double taxed on cap gains?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
schwaz
Posts: 16
Joined: Mon Oct 29, 2012 12:37 pm

Double taxed on cap gains?

Post by schwaz »

Dual citizen, resident Canada. Looking ahead, if I had a one-million dollar cap gain (long term) in Canada and pay roughly 27% tax here, would there be any tax owed in the U.S.?
Top
nelsona
Posts: 18690
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Double taxed on cap gains?

Post by nelsona »

Assuming none of it is US real estate or resource investments, you should be able to -- either by using the treaty or by simply using foreign tax credits -- to avoid any US tax on this gain.
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
Top
schwaz
Posts: 16
Joined: Mon Oct 29, 2012 12:37 pm

Re: Double taxed on cap gains?

Post by schwaz »

Thx Nelsona, very much appreciate your work here.
Top
schwaz
Posts: 16
Joined: Mon Oct 29, 2012 12:37 pm

Re: Double taxed on cap gains?

Post by schwaz »

Thx Nelsona, very much appreciate your work here.
Top
Post Reply

Return to “Canada / United States Tax & Accounting”