With all this continued interest in U.S. vacation properties, you may be tempted to take the plunge and buy a property down south, but if you do there are a few details you'll need to keep in mind to stay on the good side of the U.S. and
Canadian taxman.
Not exact matches
The measures will likely make it harder for high - earning
Canadians to avoid the
taxman, but the government could have gone further
And the
taxman has not required
Canadians to report the sale of a principal residence if the PRE will shelter the full gain from tax.
OTTAWA — Thousands of
Canadians received mailed warnings from the
taxman this spring about overcontributions to their tax - free savings accounts, suggesting the rules remain unclear four years after the savings
Finally, keep in mind that the
taxman requires you to report your foreign exchange gain (loss) on your 2017 securities transactions on your 2017 tax return even if you don't actually convert the foreign funds back to
Canadian dollars, which may be the case if you trade U.S. stocks in a U.S. dollar, non-registered trading account.