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The best GIC rates in Canada for 2024
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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By Keph Senett and Justin Dallaire on June 3, 2024Estimated reading time: 22 minutes
Here you’ll find the answers to common GIC questions, along with information on the best GIC rates available right now. If GICs are new to you, and you want to learn everything there is to know, start by reading our guide below…
When are costs for a U.S. property tax-deductible in Canada?
– moneysense.ca
Do costs associated with real estate in the U.S., such as realtor costs, qualify as a deduction for Canadian capital gains tax?
—Bob
Canadian capital gains tax on a U.S. property
Canadian residents are taxable on their worldwide income. So, when a Canadian owns or sells an asset in another country, there are generally tax implications.
It sounds like you sold or are planning to sell a property in the U.S., Bob. To cut to the chase, selling costs, like a realtor commission, would be deductible on your Canadian tax return.
This assumes the property is taxable, which is typically the case for a foreign property. Interestingly, a property outside Canada can qualify as your principal residence. But this would be unusual for a Canadian resident, whose Canadian home would typically be more valuable than a foreign one, and therefore, more appealing to claim as your principal residence.
Selling assets? Read our capital gains guide.
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Do you have to report the sale in Canada?
Assuming the property in question is a vacation or rental property, the sale would be reported on your Canadian tax return…
