I own a house in the US and in the process of moving to Canada. I may not be able to sell it right away, so looking towards renting it for sometime. I am aware of the FIRPTA, 500K Gain waiver and depreciation from the US perspective. From the Canada tax perspective I had read that to calculate the gain we need to use the fair market value (FMV) of the property when I enter Canada to settle as a PR (as opposed to entering to just become a landed immigrant but then going out). I hope my understanding is correct?
If correct then can the market value estimates of the house displayed in real estate tools like Zillow etc at the time of the move be used as indication of the home value when I moved to Canada?
Also, if they use the FMV of the property value when I landed then I did not check the property value at that time, so not sure what to do if this is the case?
Also, I presume I can get tax credit in Canada for taxes paid in the US when I sell the house. Hope no double taxes?
If correct then can the market value estimates of the house displayed in real estate tools like Zillow etc at the time of the move be used as indication of the home value when I moved to Canada?
Also, if they use the FMV of the property value when I landed then I did not check the property value at that time, so not sure what to do if this is the case?
Also, I presume I can get tax credit in Canada for taxes paid in the US when I sell the house. Hope no double taxes?