I am planning to move to Canada permanently. I recently got COPR. Now that we cannot do soft landing. I am planning to move permanently. Below are my questions.
- For tax purposes when do you become a resident in Canada.
- If I sell my house in USA before moving to Canada, do I still pay taxes for the capital gains from the house sale in Canada.
- If I sell my house in USA after moving to Canada, how much tax and capital gain tax I need to pay.
Congratulation on your COPR!
1.For tax purposes, you become a resident once you start living in Canada.
No idea about 2 & 3
- Canada has a capital gains exclusion on a primary residence, so you have no Canadian capital gains risk.
- If you sell in USA before moving to Canada there’s no Canadian tax impact at all.
To avoid bureaucratic complications that can arise if you sell while straddling the two countries, you would be wise to execute the sale before you take up Canadian residence, that will remove any Canadian implications. If you sell after moving, there are most likely no Canadian capital gains tax implications but the associated paper work that would be generated if you sell after taking up Canadian residency can be highly annoying and will require a CPA’s assistance.
what I understand is that you can go to Canada and do quarantine for 14 days what is not allowed is soft landing that is just land in Canada… and come back next day or same day …
Please double check. even on CIC website it says you have to quartine for 14 days mandatory .