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What is the capital gains taxed at in Canada for a citizen selling US based real estate investments?
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If you are Canadian and own real estate in the United States then you must file a tx return with the IRS for you capital gain. You must also file in Canada for the capital gain. Any monies paid to the United States would be considered a foreign tax credit. If you paid $10,000.00 in the USA then you would receive a foreign tax credit in Canada for the amount you paid the IRS. Canada’s capital gain is calculated by taking 50% of the profit and then paying your Canadian marginal tax rate. The United States does not reduce the profit but has a lower capital gain rate.
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