[Verse 1] Sarah packed her bags to move to Montreal Left her life in London, heard the maple call But the tax man's waiting at the border line Says "Welcome to Canada, now your assets are mine" Fair market value on your arrival day Deemed acquisition is the price you pay [Chorus] Cross the border, change your fate Immigration, emigration, calculate FMV when you arrive One-twenty-eight-one when you say goodbye Foreign credits, T-eleven-thirty-five Keep your records clean and stay alive [Verse 2] Five years later, Sarah's moving back to Leeds Canada says "Hold on, there's a departure fee" Deemed disposition on your leaving day Capital gains on everything you can't take away Principal residence gets to slide on through But your stocks and bonds, they're coming due [Chorus] Cross the border, change your fate Immigration, emigration, calculate FMV when you arrive One-twenty-eight-one when you say goodbye Foreign credits, T-eleven-thirty-five Keep your records clean and stay alive [Bridge] Tax treaties save you from the double hit When two countries want their piece of it Foreign tax credits ease the pain So you don't pay taxes twice again But file that T-form every year Or CRA will make your wallet disappear [Verse 3] Cross-border living means you're playing two games Different countries, different rules, different claims Track your foreign income, every single dime Declaration time comes every filing time Residency determines where you'll pay your share Substantial presence test will get you there [Chorus] Cross the border, change your fate Immigration, emigration, calculate FMV when you arrive One-twenty-eight-one when you say goodbye Foreign credits, T-eleven-thirty-five Keep your records clean and stay alive [Outro] When you're moving north or heading south Keep these tax rules in your mouth Deemed acquisition, disposition too Cross-border taxes, they'll find you
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