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QUESTION:
I moved to Canada from the US. In the US
I had some shares which I transfered to Canada and sold here.
For tax purposes, which purchase price should I use for the shares? The one I paid in the US or the price they had when they were transfered to Canada?
Thanks in advance.
LXXXXXXXXX
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david ingram replies:
For Canadian purposes, the cost base of your stock is the value (in Canadian dollars) it showed the day you moved to Canada.
This means that if you bought a stock for $5,000 and it was worth $2,000 the day you moved to Canada, and you sold it a year later for $3,000, your US tax return would show a $2,000 loss and the Canadian Return would show a taxable profit of $1,000.
At the same time if you paid $5,000 for a stock and it was worth $7,000 the day you came to Canada and you sold it a year later for $6,000, Canada would give you credit for a $1,000 Capital loss and the United States would want tax on $1,000.
This same situation applies to Real Estate, antiques and artwork and other capital items.
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