My son, who is a US citizen living and working Canada. Just sold a piece of property which he inherited in the US. The capital gains was $160,000 and US Federal and State capital gains taxes came to about $28,000
He is now being told by his Canadian Tax preparer that he also owes ~$20,000 Canadian capital gains taxes. The money from this sale will remain in the US and is not expected to go into Canada any time soon if ever. I thought I had read that the capital gains is not taxable in Canada until it is brought into Canada.
Can someone comment on this? Seems incredibly unfair to get hit like this in both countries.
Thanks for any information you can send this way,