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Pat W 12
Level 3
May 12, 2021
Question

US$ Capital Gain on Stock sold on retirement.

  • May 12, 2021
  • 1 reply
  • 6 views

Retiree, Canadian citizen, sold stock showing Capital Gain of $140,000 with Tax withheld of $38,000, evidenced by a Computershare report and a 1099B.  Which Profile form should I use to report and is this considered "non business income" as opposed to "investment income"?  Is there any consideration for 20(11) or (12) deductions??

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1 reply

B
Brendajoycer
Level 4
May 13, 2021

This Capital gain is reported on the Foreign Income screen. Canadians are exempt from US tax due to the tax treaty. Therefore the tax withheld is not allowed to be claimed on the Canadian tax return. The seller should have completed a W8ben form before selling the stock to let the payer know that he was a foreign person.  The way to get the tax refunded is to apply for a Taxpayer I D number in the US(W7 form) and file a non resident return. 

P
Pat W 12Author
Level 3
May 13, 2021

 Thank you for your comprehensive response. Your advice will be followed.

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