U.S. Canada Cross-Border Tax: Getting Out of Canada


With the U.S. economy not as robust as it once was, it seems that Americans are currently more interested in selling their Canadian assets, particularly recreational property, than buying Canadian assets. It is therefore useful to consider the issues that arise when a U.S. person sells Canadian real estate.

The following points are relevant:

• The U.S. person will be required to prepay tax on any gain arising from the Canadian real estate; and

• If the real estate has been rented, the Canada Revenue Agency (CRA) will require the U.S. person to catch up on any unpaid tax on the rental revenue.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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