If I'm a Canadian resident, what are my tax implications for selling my vacant land property in the US?
You will be taxable in both countries.
"1. Gains derived by a resident of a Contracting State from the alienation of real property situated in the other Contracting State may be taxed in that other State. "
You will also be taxed in Canada, as a Canadian resident you are taxed on your world income. You should be given an international tax credit for the US tax paid applicable to the related taxes in Canada, so it works out that you end up paying taxes at the higher rate.
Source(s):
Canada-US Tax Conventions Art. XIII, Canadian Income Tax Act
You will have to pay taxes to the Ca. Government. Look it up on Government sites........
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