My situation is I have significant Canadian real estate that has appreciated (more than $2M) since I bought it. I don't plan to sell them any time soon, and furthermore one was my primary residence.
I have moved down to US to work, but am not making much salary. I don't plan to buy any property in US.
So I think that a deemed disposition isn't very good for me, as the taxes on that will be greater than any savings in income tax I'll get by moving to only the US regime.
Is it possible to continue to put my residency as Canadian? I will have free access to my primary residence, visit regularly, etc.
In what case am I forced to sever my residency, and would CCRA really care as long as they continued to get income tax from me wouldn't they be happy?
Should I continue as Canadian resident while living in US
Moderator: Mark T Serbinski CA CPA
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julian_abelar
- Posts: 1
- Joined: Tue Oct 12, 2010 2:25 am
Cdn real property is not subject to deemed disposition.
You are a tax US resident, both by Cdn regulation and the treaty, so there is little point (or need) to pretend otherwise. You are 'deemed' non-resident, with departure date the day you left to work.
You yourself sais your Cdn home "was" your primary residence.
You are a tax US resident, both by Cdn regulation and the treaty, so there is little point (or need) to pretend otherwise. You are 'deemed' non-resident, with departure date the day you left to work.
You yourself sais your Cdn home "was" your primary residence.
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