My question is: Applicable to both US and Canada QUESTION: When returning to Canada and repatriating an investment account which still holds basically the same stocks it did when I left three years ago, are the "deemed dispositions" I declared with my last Canadian tax return (calculating all the ACB's and capital gains to the date I left) now "deemed aquisitions"? In other words, when I return to Canada and transfer back my account with basically the same investments as when I left, is it as if I were buying them anew as they cross the border back into Canada, at that date's price? I need to know in order to calculate future capital gains etc. Thank you so much! --------------------------------------------------------------------------- david ingram replies: When one leaves Canada one must fill in form T1161 which lists all assets you own. Next one must calculate any capital gains tax and either pay it or apply for a deferral on forms T1243 and T1244. When one returns to Canada or just immigrates for the first time, everything is valued again for capital gains tax. So, if you bought a stock for $2,000 and left Canada when it was worth 1. $3,000, you needed to pay tax (or defer the tax) on $1,000 2. $1,000, you would have had a $1,000 capital loss at that time. ------------ If you came back and it was worth $4,000, the new cost base for Canada would be $4,000. If you had deferred the tax when it was worth $3,000 and you now sold it for #5,500, you would owe Canada tax on the first $1,000 which was deferred and the new $1,500 profit from when you returned to Canada. Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com <http://www.600am.com/> Call (604) 280-0600 to have your question answered. BC listeners can also call 1-866-778-0600. Callers to the show and questioners on this board can also attend the Thursday Night seminars on finance and making your Canadian Mortgage Interest deductible. David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://www.david-ingram.com/> Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. 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CEN-TA Cross Border Services - Tax, Visas, Immigration
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