What would happen if I sell my primary US home after becoming a Canadian tax resident?

[taxpayer2000]

Hello

I've been living in my home in the US for the past 5 years, if I become a Canadian tax resident and sell the home while being a Canadian tax resident, would I owe Canada capital gains tax on the gains of the value of my house? From my understanding it's exempt from US federal taxes as long as it has been my primary residence for at least 2 years out of the last 5 years. It's the only home that I currently own.

Thank You

[nelsona]

Assuming you do not begin renting it out after moving, your assessment of US taxes is correct, IF your overall gain is less that the $250K/500K exemption.

For Cdn purposes, your cost basis for the home is the value on the day you leave, so selling a few weeks/months after moving should result in little tax, if any once sale expenses are included. Make sure you have a good evaluation from the time you leave.
On top of that, if you haven't bought another home in Canada yet (or even if you have), and there is some cap gains to pay you are still allowed to claim that US home as your principle residence, sheltering it from any tax altogether.