I’d imagine it would vary based on whether you are a US and/or Canadian citizen and possibly your resident status at the time of your move.
My recollection is hazy but as I recall, when you are emigrating out of Canada, you need to pay tax to Revenue Canada on any gains (except for RRSPs which are covered by a US Canada tax treaty). So your basis doesn’t reset but it’s essentially like selling the assets and repurchasing them.
If you are a US citizen, you are subject to tax on your world wide income so things might work a bit differently. You May end up paying taxes in one place and getting credit in another, etc.
Definitely recommend getting good cross border tax counseling as things can get complicated and easy to make a mistake that can cost you more than the accountant fees.
My recollection is hazy but as I recall, when you are emigrating out of Canada, you need to pay tax to Revenue Canada on any gains (except for RRSPs which are covered by a US Canada tax treaty). So your basis doesn’t reset but it’s essentially like selling the assets and repurchasing them.
If you are a US citizen, you are subject to tax on your world wide income so things might work a bit differently. You May end up paying taxes in one place and getting credit in another, etc.
Definitely recommend getting good cross border tax counseling as things can get complicated and easy to make a mistake that can cost you more than the accountant fees.
Statistics: Posted by WonderWander — Tue Feb 04, 2025 8:45 pm
