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Questions related to the tax liability from the appreciation of assets, e.g. stocks, mutual funds, real estate.
1
vote
Is there a capital gains tax on a real property sale if I don't live in Canada and have a lo...
The short answer is, yes you probably will need to pay Canadian tax on this.
The reason is that Canada will have the first right to tax the sale of the property, under the Canada-US Tax treaty. At th …
2
votes
Can we keep track of Adjusted Cost Base (ACB) for each individual stock unit instead of trea...
In Canada, shares are considered 'identical properties', and sales of identical properties require that the adjusted cost basis is averaged over all purchase prices up until each point of sale on the …
62
votes
Accepted
What are the differences between capital gains and other forms of income?
I think this question is very nearly off-topic for this site, but I also believe that a basic understanding of the why the tax structure is what it is can help someone new to investing to understand t …
1
vote
Renting and selling a US house while being a EU resident
Big caveat on the potential for double-taxation: keep in mind your UK tax liability will be based in GBP, and your US tax liability will be based in USD. Because the cost basis and proceeds for future …
3
votes
Need access to funds that were earned & taxed prior to establishing LLC
"To access these funds now, I believe they need to be considered distributions, and pay capital gains tax. "
This is likely not the case. When you transferred personal money to the LLC, you should hav …
3
votes
Accepted
Sole proprietor: How to separate tax payments for home and business
As a sole proprietor, the tax liability of your business is calculated based on combining your business income with your personal income together.
It is good advice to keep all personal and business …
2
votes
Double taxation between Germany and US for dual citizen
In general, when 2 countries have good diplomatic relations, it is very rare for there to purposesful cases of 'double-taxation', where you pay the same tax in each country as you normally would. Typi …
4
votes
How to exchange US stock shares for crypto in other country?
There are many possible misconceptions in your question, that could all greatly impact a good answer.
Firstly, it seems you may still be a US citizen, and therefore still required to file and pay taxe …
2
votes
Accepted
Is a depreciation claim on a rental property basically always worth it in Canada, given stab...
Yes, it is better to take depreciation most of the time, but not quite as much as you imply. Keep in mind the rules of depreciation in Canada:
Depreciation on rental properties reduces your rental in …
4
votes
Canada/Ontario Principal residence exemption
You will be able to claim principal residence exemption for the years you live in it, not for the prior years where you didn't. In the year where you stop renting it and start living it, you may also …