Ask Allan Forum
Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.
Notifications
Clear all
Ask Allan Forum
2
Posts
2
Users
0
Reactions
1
Views
Aug 23, 2020 6:56 pm
Hi,
I will be relocating to Toronto from Dubai in September. I have investments in equities with a brokerage firm in US. Will I be taxed on them once I move to canada ? Or is it better that I sell those equities before I move to canada ?
1 Reply
Aug 25, 2020 7:19 pm
For Canadian tax purposes, the cost basis of your US investments is equal to their fair market value on the date that you permanently move to Canada. Any appreciation in the value of your US investments made prior to moving to Canada is not taxable in Canada.