I am a Canadian citizen who lives in the US and for tax purposes a non-resident of Canada.
We had a rental property in Canada in which we reported the rental income each year.
This past year, we sold the property for a loss in addition to doing an RRSP withdrawal in which we already paid the non-resident 25% tax.
Question is when competing the Cdn tax return, can we net the loss from our rental property against the RRSP withdrawal to recoup some of the tax already paid?
We had a rental property in Canada in which we reported the rental income each year.
This past year, we sold the property for a loss in addition to doing an RRSP withdrawal in which we already paid the non-resident 25% tax.
Question is when competing the Cdn tax return, can we net the loss from our rental property against the RRSP withdrawal to recoup some of the tax already paid?