Ask Tax Question

I am a Canadian citizen who has been living in the US for the past six years -I am here on a work visa.. I will be returning to live in Canada in two months. I have unrealized gains of over a million dollars on my stock portfolio. I am thinking that I should sell before I return to Canada. Even though I will have to pay US tax on the capital gains, it looks like the rates would be higher in Canada, especially since I will be moving to Quebec. So, I should tax-pay the gain at the lower rate-right?

Cross Border Tax Planning
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Michael Atlas, CPA, CA
No, you are not right. You should delay selling until after you return to Canada-that way you will not pay tax in either Canada or the US on the accrued capital gains. That is because of the fact that, for Canadian tax purposes, your cost base of your holdings will be the fair market value at the time of your return.
Leave a Comment 119 weeks ago

Meet Leading Tax Advisors

User Photo Kathryn Morgan

Bossier City, Louisiana, USA

Enrolled Agent, Master Tax Advisor

User Photo Peter J. Scalise

New York, New York, USA

Federal Tax Credits & Incentives Practice Leader

User Photo John Stancil

Lakeland, Florida, USA

Tax Advisor/CEO

User Photo John Dundon, II EA

Denver, Colorado, USA

Tax Director

User Photo Steven Potts JD EA IAR

Fullerton, California, USA


User Photo Devon McCarthy FCCA, EA

Sanford, Florida, USA


User Photo Caran Ebert, CPA

Topanga, California, USA

Tax Advisor

User Photo Lisa Nason CPA, MST

Greenville, South Carolina, USA

Managing Shareholder

User Photo Gary Carter, PhD, MT, CPA

Edina, Minnesota, USA



Santa Clara, California, USA

Tax Principal - President

User Photo Bill Robinson, CPA

Chattanooga, Tennessee, USA


User Photo Hugo Van Zyl

Stellenbosch, South Africa

Exchange Control & Master Tax Practitioner (SA)

User Photo Douglas Stransky

Boston, Massachusetts, USA

Tax Partner, International Tax

User Photo Larry Stolberg, CPA, CA

Toronto Mississauga Oakville Burlington Hamilton, Canada

Tax Specialist

User Photo Gerald Nordland

Phoenix, Arizona, USA


View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today