Canadian income tax re land sale

[LCP]

US citizens/residents sell land in Canada and 20% is withheld. Are they allowed to file non-resident tax returns, report the actual gain and receive a refund?

Do Canada and Ontario taxes both apply?

Are the rules regarding cost basis related to gifts and inheritances the same as those in the U.S.?

Finally, does anyone out there do Canadian taxes and want a referral?

TIA!

[Matt Sova]

Canadian taxes

I had a client that was originally a Canadian citizen that had a similar situation with the Canadian tax withheld from income. He filed the Canadian returns and I handled the US. It is strange that being only a little over an hour from the border I do not run into more Canadian/US tax issues.

[Holland]

The world is an odd place

I had a client that was originally a Canadian citizen that had a similar situation with the Canadian tax withheld from income. He filed the Canadian returns and I handled the US. It is strange that being only a little over an hour from the border I do not run into more Canadian/US tax issues.

Here I am, a Canadian citizen and EA living in Hawaii, and a significant portion of my business is Canadian tax returns for Americans. Go figure!

Christoper Mewhort, EA
chrismewhort@hawaiiantel.net
mewhorttaxes.com