Michael Cirone | May 18, 2023
As Canadian housing prices continue to set new records, more homeowners are selling their principal residence at huge gains from the original purchase price. That’s fine for Canadian tax residents, as the gains will likely be tax-free under the Canadian principal residence exemption. For U.S. citizens living in Canada, to sell a principal residence and avoid U.S. capital gains tax, or significantly reduce it, requires proper cross-border tax planning.

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