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Question - US and Canada taxes on sale of Mutual funds in Canada
I sold shares of all of my mutual funds in Canada on Feb- March of 2004.
These were purchased between 1990-2000 when I was still a resident of Canada. I
left Canada in 2001 and paid taxes on these after filing a deemed disposition of
property with CRA. When I file my taxes in USA for 2004, do I use the
adjusted cost basis when I left Canada or when I purchased the shares i.e., even
before I became a US tax resident? Thanks in advance for your reply.
LXXXXXXXX
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david ingram replies:
A month ago, I would have told you that the cost price for US tax purposes was the original Canadian purchase price.
Then Andrew corrected me. (I learn more from the give and take on this list then the general reader does.) A recent change in policy, means that if you sold them in 2004, the cost price is the deemed disposition price as you left Canada.
There is NO capital gains tax in Canada. Non-residents of Canada do NOT pay capital gains tax on any gains in Publicly traded shares.
You do, of course, have to pay Canada 15% tax on any actual dividends received under Article X of the US / Canada Income Tax Convention (1980)
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