US Canada Cross-Border Tax: Getting out of Canada 

June, 2011 - Len Glass

With the U.S. economy not as robust as it once was, it seems that Americans are currently more interested in selling their Canadian
assets, particularly recreational property, than buying Canadian assets. It is therefore useful to consider the issues that arise when a U.S. person sells Canadian real estate. The following points are relevant: The U.S. person will be required to prepay tax on any gain arising from the Canadian real estate; and If the real estate has been rented, the Canada Revenue Agency (CRA)
will require the U.S. person to catch up on any unpaid tax on the rental revenue.


To read the full paper, click here.


For more information please contact Len Glass at [email protected] 604.631.9140.


 

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