Bring home the proceeds of a house sale
Posted date : May 11, 2022.
I have seen a number of questions and answers regarding selling your home in the U.S., but I haven’t seen any information about subsequently squaring up with the U.S. Internal Revenue Agency. How do I get our money back to Canada? I assume that a currency exchange company can help with getting the money back to my Canadian bank. I am wondering what type of reporting I need to do with CRA? Also, a significant gain was made on the exchange from when I withdrew money from my Canadian bank to finance the purchase in the U.S. and now, when I am going to bring the cash back to Canada. I am assuming that the CRA would look at this as a capital gain? Anything which you can tell me would be appreciated.
Medicine Hat, AB
Ed.: Firstly, any gain on the exchange is taxable in Canada as income. There are no restrictions on taking funds back to Canada. If you have a local bank account in the U.S., deposit the funds and, in Canada, simply write a cheque on that account and deposit it into your Canadian bank account. You might consider opening a U.S.-dollar account at your Canadian bank and depositing to that account.