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How to manage Capital Losses before Relocation?

By Leeching Spouse in Tax & Finances During US Immigration

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Leeching Spouse   87

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Filed: EB-2 Visa Country: Canada
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Hello, I am a Canadian will be relocating to the US shortly and will become a US tax resident. At the same time, I will also elect to become a non-resident of Canada for tax purposes.

 

I was originally planning to sell all my investments before I relocate, and pay the necessary capital gains tax to Canada and be done with it. Unfortunately, my investment portfolio is down approximately 20%.

 

Is there is a optimal way to harvest capital losses to offset future capital gains in a tax effective manner in my situation? If I sold my investments while I am still a resident of Canada, will I be able to claim these capital losses (which occurred in Canada) against future capital gains (which will occur in US)?

 

Would appreciate some guidance.


Thank you.

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