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Chapter 04 · Sale

Section 1031 Like-Kind Exchange: Why It Rarely Helps a Canadian Selling Florida Real Estate

A Canadian who sells a Florida property is not legally barred from using a Section 1031 like-kind exchange. The Internal Revenue Code makes the deferral available to any taxpayer subject to U.S. federal income tax, including non-resident aliens. In practice, however, three structural barriers neutralize 1031 for almost every Canadian who owns a Florida property: the personal-use exclusion that disqualifies most snowbird condos and vacation homes, the absence of a Canadian-side equivalent that would defer the gain on the Canadian return, and the requirement that the replacement property be located in the United States. This guide walks through what 1031 actually does, who it can still help among Canadians, and why for the typical Canadian seller it produces no net benefit and often a worse outcome than a clean taxable sale.

Published April 29, 2026Last reviewed May 3, 2026≈ 3,332 words · 15 min readAuthor CanadaFlorida Editorial Team

Direct answer · 60-second summary

The 60-second version

Section 1031 of the U.S. Internal Revenue Code allows a taxpayer to defer U.S. federal capital gains tax (and depreciation recapture) on the sale of real property held for productive use in a trade or business or for investment, when the proceeds are reinvested into a like-kind U.S. replacement property within strict timelines. The rule is open to non-resident aliens, including Canadians, who are subject to U.S. federal income tax on the disposition. The catch is fourfold:

  1. The Florida property must have been held for investment or business use, not for personal use. Most Canadian-owned snowbird condos and vacation homes fail this test outright.
  2. The replacement property must be located in the United States. A Canadian cannot 1031 a Florida rental into a Quebec or Ontario property.
  3. Canada does not recognize the U.S. deferral. The Canada Revenue Agency (CRA) taxes the capital gain in the year of sale, with 50 % inclusion. Section 44 of the Canadian Income Tax Act, often described as the Canadian "1031 equivalent", is far narrower and specifically excludes rental property.
  4. FIRPTA still applies. A 1031 by a foreign seller does not automatically eliminate the 15 % FIRPTA withholding. A specific notice or Form 8288-B procedure is required.

The result for the typical Canadian: paying full Canadian tax now while losing access to the U.S. tax dollars that would normally fund the Canadian foreign tax credit, then carrying a hidden U.S. tax liability into the new property. For a narrow profile (a Canadian non-resident holding a pure-investment Florida rental who plans to keep U.S. real estate exposure for years and exit through stepped-up basis at death), 1031 still has a real role. For everyone else, it is a non-starter.

Reference · acronyms used in this guide

Acronyms used in this guide

  • § 1031: Section 1031 of the Internal Revenue Code, the U.S. federal like-kind exchange deferral mechanism.
  • IRC: Internal Revenue Code (Title 26 of the United States Code).
  • TCJA: Tax Cuts and Jobs Act of 2017, which restricted § 1031 to real property only.
  • FIRPTA: Foreign Investment in Real Property Tax Act of 1980, the U.S. statute imposing 15 % withholding on dispositions of U.S. real property by foreign persons.
  • QI: Qualified Intermediary, the neutral third party that holds 1031 sale proceeds between closings.
  • ITIN: Individual Taxpayer Identification Number, the IRS-issued tax ID for non-residents without an SSN.
  • EIN: Employer Identification Number, the IRS-issued ID for entities.
  • Form 8288-B: IRS Application for Withholding Certificate, used to reduce or eliminate FIRPTA withholding before closing.
  • Form 1040-NR: U.S. Nonresident Alien Income Tax Return.
  • CRA: Canada Revenue Agency, the federal Canadian tax authority.
  • ITA: Canadian Income Tax Act (R.S.C. 1985, c. 1, 5th Supp.).
  • ITA s. 44: Section 44 of the Canadian Income Tax Act, the replacement-property deferral rule.
  • CCA: Capital Cost Allowance, the Canadian equivalent of U.S. tax depreciation.
  • T1: Income Tax and Benefit Return, the federal Canadian individual return.
  • Schedule 3: Capital gains schedule attached to the Canadian T1.
  • T2209: Federal Foreign Tax Credit form attached to the Canadian T1.
  • Article XIII: Article of the Canada-United States Tax Convention (1980, as amended) governing taxation of capital gains on real property.
  • Article XXIV: Article of the same Convention governing the elimination of double taxation through the foreign tax credit.

Section 01What § 1031 actually does, in 30 seconds

Verified factSection 1031 of the Internal Revenue Code allows a taxpayer to defer the recognition of capital gain and depreciation recapture on the sale of real property held for productive use in a trade or business or for investment, when the proceeds are reinvested into "like-kind" real property within 45 and 180 days. Since the Tax Cuts and Jobs Act of 2017, only real property qualifies; tangible personal property (machinery, vehicles, art) is excluded. Real property in the United States is not like-kind to real property outside the United States, a rule codified by IRC § 1031(h) since the 1989 amendment.

Sources: 26 U.S.C. § 1031; 26 U.S.C. § 1031(h); Tax Cuts and Jobs Act, Pub. L. 115-97, § 13303.

The mechanics are unforgiving in their timing. From the moment the relinquished Florida property closes, the seller has 45 calendar days to formally identify candidate replacement properties and a total of 180 calendar days to close on one of them. The cash from the relinquished sale can never touch the seller's hands; it must be held by a Qualified Intermediary throughout. The replacement property must be of equal or greater value (otherwise the difference, called "boot", becomes immediately taxable). The same taxpayer who sold must buy, with limited disregarded-entity exceptions.

The economic logic is straightforward: § 1031 lets a U.S. taxpayer keep working with pre-tax dollars, deferring the federal capital gains hit (currently 15 % or 20 % long-term plus the 3.8 % Net Investment Income Tax for U.S. residents above certain thresholds) until a future sale outside an exchange. The deferred gain is preserved through a carryover basis: the new property inherits the old property's adjusted basis, so the deferred gain shows up the day the replacement is sold in a taxable transaction.

Section 02Who can technically use § 1031

The opening question every cross-border seller asks is whether a Canadian non-resident is even allowed to use § 1031. The accurate answer is yes, with important conditions.

Verified fact§ 1031 applies to "any taxpayer" subject to U.S. federal income tax on the disposition of U.S. real property. The Internal Revenue Code does not condition § 1031 on U.S. residency or U.S. citizenship. A non-resident alien (including a Canadian individual taxed under FIRPTA on a U.S.-situs disposition) is therefore eligible, provided the standard 1031 requirements are met: real property held for trade, business, or investment use; like-kind U.S. replacement property; respect for the 45-day and 180-day windows; use of a Qualified Intermediary; and same-taxpayer continuity.

Sources: 26 U.S.C. § 1031(a); IRS Pub. 544 (Sales and Other Dispositions of Assets); IRS, FAQs on Like-Kind Exchanges.

This is the first major correction to the widely repeated myth that "Canadians cannot do a 1031". They can. The reason 1031 rarely helps a Canadian is not legal exclusion. It is a stack of three practical barriers, each of which alone is often fatal.

Section 03The three barriers that neutralize 1031 for most Canadians

Barrier 1: the personal-use exclusion

§ 1031 requires that both the relinquished and the replacement property be held for productive use in a trade or business or for investment. A property used as a personal residence, second home, or vacation home does not qualify. The IRS evaluates intent at the time of the exchange, and consistently treats properties with significant personal use as outside § 1031.

This is the barrier that disqualifies the vast majority of Canadian-owned Florida properties. A snowbird who spends January through March in a Hollywood condo, uses it during family visits, and rents it out only sporadically (or never) holds personal-use property. The IRS Revenue Procedure 2008-16 provides a safe harbour for "dwelling units" rented to others at fair market value at least 14 days per year for at least the two 12-month periods preceding the exchange, with personal use limited to 14 days or 10 % of rental days, whichever is greater. Falling outside that safe harbour does not automatically disqualify the property, but it shifts the burden of proving investment intent onto the taxpayer.

OpinionFor most Canadian Florida owners, the personal-use barrier ends the 1031 conversation before it starts. If the property has been used as a winter retreat, the documentation needed to credibly position it as held for investment over the requisite period generally does not exist. Trying to manufacture investment intent retroactively (a sudden burst of rental marketing in the months before listing) tends to fail under IRS scrutiny.

Barrier 2: the Canadian-side non-recognition

Even if a Canadian non-resident clears the U.S. side and successfully defers U.S. tax under § 1031, Canada does not follow. The CRA treats the disposition as a normal sale and taxes the capital gain in the year of sale, regardless of what happens in the United States.

Verified factThe Canadian replacement-property rules are set out in subsections 44(1) and 13(4) of the Income Tax Act. They are materially narrower than IRC § 1031. Section 44 deferral is available only for (i) involuntary dispositions (theft, destruction, or expropriation under statutory authority), or (ii) the voluntary disposition of a "former business property" (capital property used primarily by the taxpayer or a related person to earn income from a business). The definition of "former business property" in subsection 248(1) of the ITA specifically excludes rental property and the land on which it sits.

Sources: Canadian Income Tax Act, ss. 44(1), 13(4), and 248(1) (definition of "former business property"); CRA Income Tax Folio S3-F3-C1, "Replacement Property"; CRA Interpretation Bulletin IT-259R4.

This exclusion is the central asymmetry. A Canadian who sells a U.S. rental property and buys a U.S. replacement may achieve a perfect § 1031 deferral on the U.S. side, but the CRA will treat the transaction as a fully taxable disposition. The capital gain (computed in Canadian dollars, with foreign exchange variation included) is recognized in full. With 50 % included in taxable income, taxed at the seller's combined federal and provincial marginal rate, the Canadian tax bill comes due in the year of sale even though no cash from the sale was received (the proceeds are locked at the Qualified Intermediary).

The compounding problem is the foreign tax credit timing. Canada credits the U.S. tax actually paid on the same gain, under Article XXIV of the Canada-U.S. Tax Convention. In a successful 1031, no U.S. tax is paid in the year of sale. There is therefore no foreign tax credit to apply against the Canadian tax that year. The Canadian taxpayer pays full Canadian tax, sometimes from outside funds because the sale proceeds are tied up with the QI, and the deferred U.S. tax remains a future liability when the replacement is eventually sold. By that point, recovering the original credit through Canadian rules is generally impossible because the future U.S. tax will be on a different (later) Canadian-tax-year transaction.

Verified factThe Canadian capital gains inclusion rate for individuals is currently 50 % (one-half). The proposed 2024 increase to 66.67 % was deferred in January 2025 and then cancelled by the federal government on March 21, 2025. The CRA has reverted to administering the one-half inclusion rate.

Sources: Government of Canada (Office of the Prime Minister), "Prime Minister Mark Carney cancels proposed capital gains tax increase", March 21, 2025; CRA, "What's new for capital gains for 2024".

Barrier 3: foreign property is not like-kind

Since 1989, IRC § 1031(h) has provided that real property located in the United States and real property located outside the United States are not property of a like kind. A Canadian who hopes to sell a Florida property and "1031" the proceeds into a Montreal triplex or a Toronto condo cannot do so. The replacement property must be in the U.S.

Verified factSection 1031(h)(1) of the Internal Revenue Code provides: "Real property located in the United States and real property located outside the United States are not property of a like kind." The rule was added by the Omnibus Budget Reconciliation Act of 1989 and applies regardless of the seller's residency.

Sources: 26 U.S.C. § 1031(h)(1); Pub. L. 101-239, § 7601 (1989).

For a Canadian seller whose plan is to repatriate capital into the Canadian market, this barrier is absolute. There is no exchange path from Florida to Canada. The only 1031 paths available run from one U.S. property to another U.S. property, anywhere in the fifty states or D.C.

Section 04The narrow case where § 1031 still earns its place for a Canadian

Three barriers do not equal "never". A specific Canadian profile can use § 1031 productively:

  • The property held in Florida is a pure-investment rental, with documented rental history extending back at least two years, no personal use beyond the IRS safe-harbour limits, and an arm's-length rental rate.
  • The owner intends to remain a U.S. real estate investor, replacing the Florida property with another U.S. investment property and continuing to roll forward over time.
  • The owner has sufficient liquidity outside the sale proceeds to absorb the Canadian tax bill in the year of sale, accepting that there will be no foreign tax credit that year.
  • The long-term plan contemplates either holding the U.S. property until death (in which case the U.S. estate-tax basis step-up may eliminate the deferred U.S. gain at the U.S. level for U.S. heirs, though Canadian deemed-disposition rules at death apply separately) or accepting that the deferred U.S. gain will eventually be recognized.

For this profile, 1031 deferral preserves U.S. cash flow that would otherwise be lost to U.S. federal tax and reinvested into a smaller property. The Canadian tax cost still has to be funded, but the U.S. dollars freed by the deferral compound across the holding period and may, in some scenarios, justify the cost.

OpinionEven within this narrow profile, the analysis depends entirely on individual facts: marginal tax rates in Canada, projected Canadian and U.S. holding periods, exit strategy, and depreciation recapture exposure. No general rule applies. Any Canadian considering a 1031 should engage a cross-border tax accountant and a 1031 Qualified Intermediary experienced with foreign-person transactions before signing a listing agreement on the relinquished property.

Section 05Comparison Canada ↔ Florida

This comparison uses Quebec as the Canadian reference point. Equivalent comparisons for Ontario ↔ Florida, British Columbia ↔ Florida, and Alberta ↔ Florida are being published.

TopicFederal U.S.State (Florida)Federal CanadaProvincial (Quebec reference)
Deferral statuteIRC § 1031 (real property held for trade, business, or investment use).None: § 1031 is federal.ITA s. 44 (replacement property): involuntary dispositions, or voluntary dispositions of "former business property" only. Rental property excluded.None: s. 44 is federal. Quebec follows federal characterization at the provincial level.
Eligible propertyReal property held for productive use in trade or business or for investment. Personal-use property excluded.N/ACapital property that is "former business property" (excludes rental). For involuntary dispositions: any capital property.Quebec aligns at the provincial level via the Taxation Act.
Replacement timeline45 days to identify, 180 days to close, both from relinquished closing.N/A1 year after end of disposition year (voluntary) or 2 years after end of disposition year (involuntary).Same as federal.
Carryover of basisYes: deferred gain rolls into replacement property.N/AYes when s. 44 applies, with parallel rule for CCA recapture under s. 13(4).Same as federal.
Foreign propertyExcluded under § 1031(h)(1) since 1989.N/ANo equivalent restriction at the federal level for s. 44, but s. 44 does not apply to most cross-border real estate scenarios anyway because of the rental-property exclusion.Same as federal.
Withholding interactionFIRPTA 15 % default applies on U.S.-situs disposition by foreign person; specific 1031 notice or Form 8288-B reduces or eliminates withholding.None: FIRPTA is federal U.S.None: Canada does not impose source withholding on capital gains.None.
Effect for a Canadian non-residentCan defer U.S. federal tax under § 1031 if all conditions met, but FIRPTA notice or 8288-B procedure required.N/ADisposition is fully taxable in the year of sale. 50 % inclusion. No s. 44 deferral for rental property. No tax credit available because no U.S. tax was paid.Provincial tax follows federal. Quebec computes its parallel foreign tax credit, but if no U.S. tax was paid, no credit applies.

Section 06Worked example

Consider a Canadian resident of Quebec who in April 2026 sells a Cape Coral rental duplex purchased in March 2018 for USD 280,000 with documented rental history throughout. Sale price USD 540,000. Documented capitalizable improvements USD 22,000. The seller wishes to roll into a Tampa fourplex of equal or greater value via § 1031 to defer U.S. federal capital gains tax.

On the U.S. side, with proper 1031 execution:

  • The Qualified Intermediary holds the USD 540,000 sale proceeds; the seller never touches the cash.
  • Within 45 days, the seller identifies up to three candidate replacement properties (or follows the 200 % or 95 % rules). Within 180 days, the seller closes on the Tampa fourplex for at least USD 540,000.
  • A FIRPTA 1031 notice is provided to the buyer at the time of the relinquished sale, or a Form 8288-B withholding certificate is filed before closing, to prevent the standard 15 % withholding from being deducted (which would otherwise become "boot" and partially break the deferral). Strict procedural conditions apply: the IRS must approve the notice or 8288-B in advance.
  • If executed correctly, no U.S. federal capital gains tax is due in 2026 on the USD 238,000 gross U.S. gain. The Tampa fourplex inherits a carryover basis of USD 280,000 + USD 22,000 = USD 302,000 plus any new cash invested.

On the Canadian side:

  • The CRA recognizes the disposition in the year of sale. The capital gain is computed in Canadian dollars, applying the exchange rate at acquisition (March 2018) to the cost base and the exchange rate at disposition (April 2026) to the proceeds. The CAD gain therefore differs from the USD gain.
  • Suppose the CAD gain is CAD 360,000 after FX conversion. With 50 % inclusion, CAD 180,000 is added to taxable income. At a combined Quebec marginal rate of approximately 53.31 %, the Canadian tax on this gain is roughly CAD 95,950, payable for the 2026 tax year.
  • No U.S. tax was paid in 2026 on this gain. No foreign tax credit is available against the CAD 95,950. Form T2209 has nothing to populate for this transaction in 2026.
  • The CAD 95,950 must be funded from outside resources. The Tampa fourplex purchase consumed the USD proceeds. The Canadian tax bill arrives without offsetting cash.

The asymmetry, in one sentence. The 1031 deferral postpones a U.S. tax that would have funded the Canadian foreign tax credit, leaving the Canadian taxpayer to carry the full Canadian bill in cash now while preserving the U.S. liability inside the new property for later.

Section 07Common mistakes

  1. Assuming "Canadians can't do 1031". They can. The legal door is open. The trap is the cumulative weight of the personal-use, foreign-replacement, and Canadian-non-recognition barriers, not a categorical exclusion.
  2. Treating a snowbird condo as investment property. Personal-use disqualifies. Documented rental history meeting Rev. Proc. 2008-16 is the minimum, and even that is a safe harbour, not a guarantee. Do not retrofit investment intent in the months before listing.
  3. Ignoring the FIRPTA-1031 interaction. Without a properly executed 1031 notice or pre-closing Form 8288-B, the closing agent will withhold the 15 % anyway. That cash becomes "boot" and breaks part of the deferral.
  4. Overlooking depreciation recapture. § 1031 also defers recapture on U.S. tax depreciation. On the Canadian side, recapture of CCA is taxed in the year of sale under s. 13(4), and CCA recapture is included at 100 %, not 50 %. Many Canadian rental owners are surprised by this layer.
  5. Forgetting the foreign exchange impact. The CAD gain may exceed the USD gain materially if the loonie has weakened over the holding period. The CAD-side tax base does not track the USD-side base.
  6. Believing the Canadian s. 44 covers rental property. It does not. Subsection 248(1) of the ITA specifically excludes rental property from the definition of "former business property". A Canadian rental sale produces an immediately recognized gain, period.
  7. Trying to 1031 a Florida property into a Canadian one. § 1031(h)(1) blocks this since 1989. The replacement must be U.S. real estate.
  8. Skipping the cross-border tax planning step. Canada-U.S. interactions in a 1031 are technical and do not forgive procedural mistakes. The cost of an experienced cross-border accountant is a fraction of the tax cost of a botched exchange.

Section 08Preparation checklist

  1. Pull the historical rental records for the Florida property. If personal use exceeds Rev. Proc. 2008-16 safe-harbour limits, stop here: § 1031 is closed.
  2. Engage a cross-border tax accountant before signing a listing agreement on the relinquished property. The 1031 architecture must be in place at the contract stage.
  3. Engage a 1031 Qualified Intermediary with documented experience handling foreign-person transactions. The QI must be a neutral third party, not the seller's lawyer or accountant.
  4. Confirm that the seller has a valid ITIN. If not, file Form W-7 immediately.
  5. Decide whether to file Form 8288-B before closing or to use the 1031 notice mechanism with the buyer. Both paths require IRS approval and time.
  6. Identify candidate U.S. replacement properties before listing, not after. The 45-day clock starts the moment the relinquished property closes.
  7. Quantify the Canadian tax cost in the year of sale. Confirm that liquidity exists to pay it without disturbing the QI-held proceeds.
  8. Plan the eventual exit from the replacement property. The carryover basis will produce a larger eventual recognized gain, and the foreign tax credit dynamics in that future year will require their own planning.

Section 09FAQ

Is § 1031 strictly closed to Canadian non-residents? No. § 1031 is open to any taxpayer subject to U.S. federal income tax on the disposition of U.S. real property. The barriers are practical (personal-use, foreign-replacement, Canadian non-recognition), not statutory.

Does FIRPTA stop a 1031 from working for a Canadian? FIRPTA does not stop the 1031, but it complicates it. Without proactive procedure (a 1031 notice from the seller to the buyer at closing, or a pre-closing Form 8288-B withholding certificate), the 15 % FIRPTA withholding will still occur. That withheld amount becomes "boot" and triggers partial U.S. tax recognition, defeating the purpose of the exchange.

Why doesn't the Canadian s. 44 work like § 1031 for a rental property? Subsection 248(1) of the ITA defines "former business property" and explicitly excludes rental property and the land beneath it. Section 44 voluntary deferral is therefore unavailable to a Canadian who sells one rental and buys another. This is a direct departure from § 1031, which does cover rental real estate.

Can I 1031 a Florida property into a Quebec property? No. IRC § 1031(h)(1) provides that U.S. real property is not like-kind to non-U.S. real property. The replacement must be located in the United States.

What if I successfully 1031 the U.S. tax but pay full Canadian tax in the same year? This is the typical outcome for a Canadian. There is no U.S. tax paid, so no foreign tax credit is available against the Canadian liability for that year. The Canadian tax is paid in cash without offsetting credit. The deferred U.S. tax remains as a future liability inside the carryover basis of the replacement property.

Does the principal residence exemption (CRA Form T2091) help? For most Canadian Florida owners, no. Designating the Florida property as the principal residence for Canadian tax purposes generally removes the exemption from the Canadian residence for the same years, and the Canadian residence almost always has the larger accumulated gain. See the dedicated guide on the Canadian principal residence exemption and Florida property for the trade-off analysis.

What is the current Canadian capital gains inclusion rate? 50 % (one-half). The proposed increase to 66.67 % was cancelled by the federal government on March 21, 2025.

Editorial team

CanadaFlorida Editorial Team

Research drawn from primary public sources cited at the bottom of every guide: U.S. and Florida statutes, U.S. and Canadian federal agencies, official Florida county and state authorities, and Canadian provincial bodies where applicable.

Every figure, rate, threshold, and deadline in this guide is drawn from a verifiable primary source listed at the bottom of the page. The article is updated whenever the underlying rules change, with a fresh review date stamped at the top.

Sources and references

  1. Internal Revenue Code § 1031, "Exchange of real property held for productive use or investment", 26 U.S.C. § 1031. https://www.law.cornell.edu/uscode/text/26/1031
  2. Internal Revenue Code § 1031(h), "Special rules for foreign real property", 26 U.S.C. § 1031(h). https://www.law.cornell.edu/uscode/text/26/1031
  3. Tax Cuts and Jobs Act of 2017, Pub. L. 115-97, § 13303 (restricting § 1031 to real property). https://www.congress.gov/bill/115th-congress/house-bill/1
  4. IRS, "Like-Kind Exchanges Under IRC Section 1031" (Fact Sheet 2008-18). https://www.irs.gov/pub/irs-news/fs-08-18.pdf
  5. IRS, "Like-Kind Exchanges, Real Estate Tax Tips". https://www.irs.gov/businesses/small-businesses-self-employed/like-kind-exchanges-real-estate-tax-tips
  6. IRS Revenue Procedure 2008-16, safe harbour for dwelling units in 1031 exchanges. https://www.irs.gov/irb/2008-10_IRB
  7. Foreign Investment in Real Property Tax Act of 1980, IRC § 1445. https://www.law.cornell.edu/uscode/text/26/1445
  8. 26 CFR § 1.1445-2, FIRPTA exceptions and notice procedures. https://www.law.cornell.edu/cfr/text/26/1.1445-2
  9. IRS Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities. https://www.irs.gov/forms-pubs/about-publication-515
  10. Income Tax Act (Canada), R.S.C. 1985, c. 1 (5th Supp.), s. 44. https://laws-lois.justice.gc.ca/eng/acts/I-3.3/section-44.html
  11. Income Tax Act (Canada), s. 13(4) and s. 248(1) (definition of "former business property"). https://laws-lois.justice.gc.ca/eng/acts/I-3.3/
  12. CRA Income Tax Folio S3-F3-C1, Replacement Property. https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-3-property-investments-savings-plans/folio-3-capital-transactions/income-tax-folio-s3-f3-c1-replacement-property.html
  13. CRA, "What's new for capital gains for 2024" (confirming reversion to 50 % inclusion rate). https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-12700-capital-gains/whats-new-capital-gains.html
  14. Office of the Prime Minister of Canada, "Prime Minister Mark Carney cancels proposed capital gains tax increase", March 21, 2025. https://www.pm.gc.ca/en/news/news-releases/2025/03/21/prime-minister-mark-carney-cancels-proposed-capital-gains-tax-increase
  15. Canada-United States Tax Convention (1980, as amended), Articles XIII and XXIV. https://www.canada.ca/en/department-finance/programs/tax-policy/tax-treaties/country/united-states-america-convention-consolidated-1980-1983-1984-1995-1997.html
  16. IRS Publication 597, Information on the United States-Canada Income Tax Treaty. https://www.irs.gov/forms-pubs/about-publication-597

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