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Sold House in Canada, US resident? |
I am a US resident working and working full time. We had purchased a house as investment in 2000, then in 2006 we sold it for a profit. The question is should we file taxes in Canada and include this in Canadian tax forms or should we file for this in the US. Which is more favorable. It been 6 years since we moved out of canada and since then we been living in the US. It was our first house and we used to stay there everytime we went to canada as I had a assignment (5 days a week). Please advice. thanks This is a question that the good folks at CRA would be happy to answer. For a quick overview, see the CRA website: Selling or disposing of certain property (link below). After that, a telephone call will help sort things out. In the USA you can phone: The lawyer who handled the sale should have advised you on Canadian income tax implications. When a non-resident sells property, they must pay Canadian tax on 50% of the gain/profit. The approximate amount of tax resulting from the sale may have already been withheld by the lawyer and submitted to the Canada Revenue Agency. |
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