Zain here - this is new information for me even though I have been residing in Canada for 15 years. Great info - also loving the new camera upgrade : )
Thank you so much for making this video. Does the US tax (after 3 years) also apply if you are on work visa (and not green card) in the US? Also, id highly encourage you to make more videos on implications for Canadians who have moved in the US. There’s little to no content related to this on UA-cam.
As long as you are in usa on work such these taxes apply (even if it’s work visa)…. But good thing about work visa is that all these taxes go away once you move back however if you are on green card then you continue to file taxes in usa even when you move back to canada.. I do have some content on usa and canada move on my Hindi/urdu channel @northamerican-desi check that out…
What if you move to US for 3-4 years to work on TN visa and then move back to Canada to live in that house...and sell it while you are back in Canada. Do you owe any taxes to the US at that time if you are not even in the US anymore and you were in the US only on work visa?
No in that case you don’t owe any taxes in usa… you only owe taxes in us (even when you move back) if you applied for a green card… then global taxation applies
@@bahroz Many Thanks! That's good to know. If the property (new built) was booked while you were a resident but closed (bought) at the time when you were NR of Canada...and then moved back to Canada after 2 years and stayed there for another year as Primary residence to move back to the US. Any capital gains from the time of Closing to Returning to Canada would be taxable, I suppose. And then no taxes for any appreciation in value from Returning to Canada until the next date of Leaving Canada. Question is ... when would those taxes from the initial Cpital gains need to be paid...at the time of selling or at the time of leaving Canada again after the year of staying in that property...as deemed disposition? Is there any declaration/reporting involved to CRA in this case when you would leave Canada for the second time?
@@bahroz Thanks. A bit unclear...so one needs to pay taxes for the theoretical capital gain accumulated during the period when filing taxes for the year when the person leaves Canada ... even if the property (which would still be the Primary residence when the person will return to Canada again in future) is not sold. If you could provide reference for your tax lawyer, I would like to consult with them the specifics in detail.
@bhupinderarora9208 if it’s primary residence then no there is no tax implication… I have added the contact details for my recommend tax lawyer in the description of the video-- also sharing here: Reach out to my recommended tax lawyer: information.ask.2k@gmail.com
Reach out to my recommended Canada tax lawyer: information.ask.2k@gmail.com
Zain here - this is new information for me even though I have been residing in Canada for 15 years. Great info - also loving the new camera upgrade : )
Thanks… 🙏
Many Thanks for these top-notch information. Really appreciate your very clear explanations.
Thanks glad you found it valuable
Thank you so much for making this video. Does the US tax (after 3 years) also apply if you are on work visa (and not green card) in the US?
Also, id highly encourage you to make more videos on implications for Canadians who have moved in the US. There’s little to no content related to this on UA-cam.
As long as you are in usa on work such these taxes apply (even if it’s work visa)…. But good thing about work visa is that all these taxes go away once you move back however if you are on green card then you continue to file taxes in usa even when you move back to canada..
I do have some content on usa and canada move on my Hindi/urdu channel @northamerican-desi check that out…
Thanks for the prompt response. Subscribed to your other channel too. More power to you for creating helpful content.
@@guneetarneja many thanks - appreciate your support
What if you move to US for 3-4 years to work on TN visa and then move back to Canada to live in that house...and sell it while you are back in Canada.
Do you owe any taxes to the US at that time if you are not even in the US anymore and you were in the US only on work visa?
No in that case you don’t owe any taxes in usa… you only owe taxes in us (even when you move back) if you applied for a green card… then global taxation applies
@@bahroz Many Thanks! That's good to know.
If the property (new built) was booked while you were a resident but closed (bought) at the time when you were NR of Canada...and then moved back to Canada after 2 years and stayed there for another year as Primary residence to move back to the US.
Any capital gains from the time of Closing to Returning to Canada would be taxable, I suppose.
And then no taxes for any appreciation in value from Returning to Canada until the next date of Leaving Canada.
Question is ... when would those taxes from the initial Cpital gains need to be paid...at the time of selling or at the time of leaving Canada again after the year of staying in that property...as deemed disposition? Is there any declaration/reporting involved to CRA in this case when you would leave Canada for the second time?
The tax liability is at the time of leaving canada…. Reporting is as part of your tax return for that year…
@@bahroz Thanks. A bit unclear...so one needs to pay taxes for the theoretical capital gain accumulated during the period when filing taxes for the year when the person leaves Canada ... even if the property (which would still be the Primary residence when the person will return to Canada again in future) is not sold.
If you could provide reference for your tax lawyer, I would like to consult with them the specifics in detail.
@bhupinderarora9208 if it’s primary residence then no there is no tax implication…
I have added the contact details for my recommend tax lawyer in the description of the video-- also sharing here: Reach out to my recommended tax lawyer: information.ask.2k@gmail.com