Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Canada Taxes

What will Canadian tax be for a non resident, on $100,000 long term stock sold today?


It is a Canadian, with a green card, living in and paying tax to the USA for the past 10 years.
. The stock (income trust units) is with an Ottawa broker owned by the Canadian for the past 5 years. All is sold in Dec. 2005.
.A 2006 US 1040 tax return is filed In January and a $15,000USD tax is paid to the IRS.
...Now I believe that Canada will want a tax return filed as well.
...What will the tax be for a single person with no other deductions except the standard ones?

You pay taxes first in Canada on teh sale. You need a good canadian account. We were in same case and the account help us reduce amount due. Than after figuring and paying Taxes in Canada, you declare the transcation in US Tax return and credit what you paid in Canada toward the taxes due in US. typically Canadian taxes are higher so you should not won anything in US.
You should not need to pay taz in the US...sort it out in Canada where it was raised
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