Tax for new immigrant

Question

1752 viewsAugust 25, 2020Personal Tax

0

Ajay (anonymous) Posted August 23, 2020

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 Answer

score 0 · Answer 1 · 2020-08-25T19:19:24+00:00

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.

Tax for new immigrant

1 Answer

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