Phil Hogan is a Canadian and US CPA working with clients throughout Canada and the US. Phil advises on cross border tax and financial planning matters. Phil can be reached at phil@beaconhillwm.ca or via telephone at 778.433.1314. You can also read more about Phil at www.Beaconhillwm.ca/team/about-phil/
Americans Selling their Principal Residence in Canada – Episode 14
28 May 22 
Crossing the 49th Podcast On episode #14 of Crossing the 49th Podcast we discuss the tax implications of Americans living in Canada selling their main home.
Given significance of home price increases over the last few years we often help US clients plan for the sale of their main home (principal residence) and to assess the tax implications of the sale for both Canadian and US purposes.
Cross-border taxation of principal residence sale for Americans in Canada:
- How are principal residence sales are treated for Canadian purposes
- How are principal residence sales are treated for US purposes
- How to calculate PR sales for cross-border clients
- How much tax would you owe in the US?
- capital gains tax plus NIIT
- Anything we can do about extra tax owing?
- 1116 credits
- Other losses
- You can try our expat principal residence calculator here.
You can also stay updated on US Expat Tax and financial planning issues by following us at:
American in Canada Private Facebook Group
Americans in Canada Reddit sub Reddit
Here on Twitter
On Instagram here
Sign up for our Expat Tax and financial planning newsletter here
You can subscribe to my YouTube Channel here
Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs.
This commentary reflects the personal opinions, viewpoints and analyses of the Beacon Hill Wealth Management Ltd. partner providing such comments, and should not be regarded as a description of advisory services provided by Beacon Hill Wealth Management Ltd. or performance returns of any Beacon Hill Wealth Management Ltd. client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Beacon Hill Wealth Management Ltd. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. Any discussion about taxation is for educational purposes only and should not be viewed as professional advice. Consult your tax professional for tax advice on your particular situation.
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