Tag Archives: taxation of sale of principal residence

More #Americansabroad will pay capital gains tax on sale of principal residence in Canada

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.
Continue reading