Hi,
I moved to Canada on Work permit after working in USA on H1B visa for many years. I am neither citizen of Canada nor USA.
I hold securities in brokerage account in USA. Also, I am planning to open brokerage accounts in Canada.
Please let me know:
1. How does tax calculations work in Canada if I buy/sell securities from my USA account? I understand I have to declare my gains and losses at both places, but can I declare taxes paid in USA for Canadian tax calculations?
2. Overall is it worth a hassle to keep my US accounts active and let the securities grow in it? What are the implications on long term?
Would appreciate all the advice.
I moved to Canada on Work permit after working in USA on H1B visa for many years. I am neither citizen of Canada nor USA.
I hold securities in brokerage account in USA. Also, I am planning to open brokerage accounts in Canada.
Please let me know:
1. How does tax calculations work in Canada if I buy/sell securities from my USA account? I understand I have to declare my gains and losses at both places, but can I declare taxes paid in USA for Canadian tax calculations?
2. Overall is it worth a hassle to keep my US accounts active and let the securities grow in it? What are the implications on long term?
Would appreciate all the advice.