taxation under dtaa with canada

[satbir singhwahi]

Mr.A purchased mutual fund in fy 2010 to 2021. Then migrated to canada as permanent resident in july 2022. Now in july 2024 sold all mutual fund and paid LTCG in India. Now while filing ITR in Canada for calander year 2024 , whether any relief under DTAA with canada available in canada taxation. Please guide.

AI Summary

Canada Can Tax Capital Gains Under Article 13 of India-Canada DTAA; Expert Tax Consultation Recommended An individual purchased mutual funds between fiscal years 2010 and 2021 and became a permanent resident of Canada in July 2022. In July 2024, they sold the mutual funds and paid long-term capital gains (LTCG) tax in India. The query is whether any relief is available under the Double Taxation Avoidance Agreement (DTAA) with Canada when filing the 2024 income tax return in Canada. The response indicates that Article 13 of the India-Canada DTAA allows both countries to tax capital gains, so Canada can tax the gains according to its domestic laws. Consulting a Canadian tax law expert is advised.