Escalating housing prices in Toronto leave buyers with sticker shock and owners reaping capital gains @globeandmail https://t.co/AALQfnTVqg
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) March 22, 2017
The price of Toronto real estate continues its upward trajectory.
This morning I met with yet another (who could have known) Canadian resident who wishes to renounce U.S. citizenship. This person is completely compliant with his U.S. tax obligations. He is renouncing for a very common reason.
The reason for renouncing U.S. citizenship is to:
Protect the tax free capital gain, which results from the sale of his Canadian principal residence in Canada.