Timing receiving the visa and selling property

[Ksamwise20 4]

Hi all,
Typically, how do people time selling your primary residence? Do you wait until visa is in your hand or do you start when you get your Montreal interview day? A few posts about long APs have made me nervous (though he's a citizen, my husbands parents are from a MENA country). I also read that this also depends on your medical? Excuse my ignorance but could someone tell me what a loose timeline for this type of thing works? 
Also can you get your visa, enter at a POE, and then come back to list your property for sale in Canada? Or does that trigger a tax event since now you are an LPR? 

[Lil bear 4,259]

7 minutes ago, Ksamwise20 said:

Hi all,
Typically, how do people time selling your primary residence? Do you wait until visa is in your hand or do you start when you get your Montreal interview day? A few posts about long APs have made me nervous (though he's a citizen, my husbands parents are from a MENA country). I also read that this also depends on your medical? Excuse my ignorance but could someone tell me what a loose timeline for this type of thing works? 
Also can you get your visa, enter at a POE, and then come back to list your property for sale in Canada? Or does that trigger a tax event since now you are an LPR? 

You need to investigate the differences in how Canada and US treats home sale proceeds. We sold after we had the visa in hand but before we entered tge US to avoid having the house sale proceeds treated as income by the IRS. All our assets were converted to cash prior to our US entry  

[Scandi 4,173]

Not Canadian, but I only sold my house once I had the visa in hand. I had sold off and gotten rid of almost everything inside the house before that, but those were just easily replaced items that wouldn't make a huge deal if the visa didn't come through, if the relationship for whatever reason didn't work out or anything else random that could potentially make me not move. Definitely sold before moving though, that I had no hesitation about.

Edited April 30, 2022 by Scandi

[JeanneAdil 6,581]

https://fullerllp.com/blog/tax-trap-for-us-green-card-holders-resident-in-canada-with-us-investment-income/

 

 

But  understand a spouse from MENA country (even though innterviewed in Canada) may go thru long AP after the interview

[Ksamwise20 4]

5 minutes ago, JeanneAdil said:

https://fullerllp.com/blog/tax-trap-for-us-green-card-holders-resident-in-canada-with-us-investment-income/

 

 

But  understand a spouse from MENA country (even though innterviewed in Canada) may go thru long AP after the interview

Hmm okay more reason to not sell until visa is in hand.

How long is the medical valid for? Do you typically schedule it right before the interview? 

[JeanneAdil 6,581]

Just now, Ksamwise20 said:

Hmm okay more reason to not sell until visa is in hand.

How long is the medical valid for? Do you typically schedule it right before the interview? 

6 months 

many have had to schedule it whenever they could 

hopefully before but it not,  then after interview while the embassy waits for it to decide

 

some have had to retake the medical if AP is too long

 

[Scandi 4,173]

7 minutes ago, Ksamwise20 said:

Hmm okay more reason to not sell until visa is in hand.

How long is the medical valid for? Do you typically schedule it right before the interview? 

Like JeanneAdil said, the medical is valid for 6 months, so if AP takes longer than that you need to have another medical.

Also the expiration date of the visa is generally based on the medical date, so the earlier you have your medical, the less time there will be left on the visa once it is issued. 

[Ksamwise20 4]

Thank you for the replies. Hoping we won’t get AP, but need to plan everything. 

May husband has a Nexus, does that usually help with avoiding AP or not applicable? 

[Lil bear 4,259]

13 minutes ago, Ksamwise20 said:

May husband has a Nexus, does that usually help with avoiding AP or not applicable? 

Unfortunately not applicable. The agencies dont talk to each other .. more’s  the pity  . 

[Dawgydawgworld 20]

I sold my house While the market was hot in my area. I wasn’t going to lose out on potentially $100k or more in price difference during a hot market. I got a long closing date, and will be within weeks of my interview. I wanted to sell it regardless, so it wasn’t dictated by immigration. I did really well on the sale and that was my driving factor to sell when I did. 

[Ontarkie 14,306]

I sold mine before visa was in hand, but longer then a 6 week AP for Montreal was all it took back them. The way things are going now I would wait. 

[Idlewild 26]

On 4/30/2022 at 2:10 PM, Lil bear said:

You need to investigate the differences in how Canada and US treats home sale proceeds. We sold after we had the visa in hand but before we entered tge US to avoid having the house sale proceeds treated as income by the IRS. All our assets were converted to cash prior to our US entry  

This should be the preferred answer.  Unless you're considering renting your primary home in Canada, definitely sell it before officially landing in the USA.

[mam521 2,111]

On 4/30/2022 at 1:57 PM, Ksamwise20 said:

Hmm okay more reason to not sell until visa is in hand.

How long is the medical valid for? Do you typically schedule it right before the interview? 

You cannot schedule the medical until you receive an interview letter.  The approved medical providers in Canada are in BC, QC and ON and QC seems to be a bit backed up to get an appointment.  Typically, your visa is good for 6mo past the date of your medical.  

 

We had a property that we sold once in the US and dealing with the CRA was a complete and utter nightmare.  Tax withholding, clearance certificates, etc all a nightmare.  Resident CRA doesn't speak to non-resident CRA and things get confusing, fast.  Highly recommend selling it before you activate that visa.  

[Ksamwise20 4]

On 5/25/2022 at 4:24 PM, mam521 said:

You cannot schedule the medical until you receive an interview letter.  The approved medical providers in Canada are in BC, QC and ON and QC seems to be a bit backed up to get an appointment.  Typically, your visa is good for 6mo past the date of your medical.  

 

We had a property that we sold once in the US and dealing with the CRA was a complete and utter nightmare.  Tax withholding, clearance certificates, etc all a nightmare.  Resident CRA doesn't speak to non-resident CRA and things get confusing, fast.  Highly recommend selling it before you activate that visa.  

 "Resident CRA doesn't speak to non-resident CRA and things get confusing, fast." can you clarify this part a bit? 

We actually are thinking of renting our place long term out instead of selling. I know it would be super annoying if we decided to sell after moving to the US, but just trying to think if our kids ever wanted to move back to Canada when they were older. Will definitely talk to a cross border accountant soon too. 

[cdndesro 44]

I waited to get the visa and then had some renovations done and put house up for sale. Fortunately it sold in a day with a fairly short closing so I wouldn’t have issues with my expiry on visa. I crossed to activate the visa 4 months after receiving the visa. House was sold so I entered and imported my vehicle then went back and drove a uhaul over with all of my belongings. Both very easy processes. I’d recommend selling the house prior to entry to US or else there’s too many tax issues potentially - including 25-50% holdback to CRA. You avoid capital gains tax in the US also going this route. It’s just much cleaner.