The Money Mustache Community
Around the World => Canada Discussion => Topic started by: AMandM on August 01, 2019, 02:54:38 PM
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My father, dual US/Canadian citizenship, resident of QC, is planning to sell his house and move in with me & my family in the US. Obviously the simplest method would be to sell the house before he moves, then bring his cash with him to the US, but that may not be feasible for various reasons. The house would be unoccupied until the sale if he does move before selling. Can someone tell me the tax implications, from the Canadian side, of a nonresident selling real property in Canada?
TIA!
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Unless he severs financial ties with Canada to become a financial non resident, it makes no difference. If there is some rush to do this, he would have to declare all of his financial assets, including the present day value of the house, then when he sold the house he would have to pay taxes on the difference in value if it went up.
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Thank you!