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I recently sold my shares in a Canadian company which was privately held and not publicly traded. The principle owner of the company bought my shares. Upon advice of the seller's attorney and tax accountant, I agreed to allow 25% of the total sale price to be sent directly to the Canada Revenue Agency (CRA) on my behalf as payment for the Capital Gains Tax. I received only the difference between the selling price and the capital gains deduction from the seller.
The amount sent to CRA was $8944.78 in Canadian currency. The seller's attorney completed the form T2062 E (07) which was sent in with the money. This form is titled Request by a Non-Resident of Canda for a Certificate of Compliance Related to the Disposition of Taxable Canadian Property. I asked that my letter to CRA be included with the form and with the tax money. The letter included the statement "I am not now nor have I ever been a citizen or legal resident of Canada and furthermore, I have been a citizen and legal resident of the United States of Amerca since my birth".
Is it possible for me to file for a refund of the capital gains tax I paid to the Canadian government. If so, how and when?
Also, if a am successful and get a refund, will I then have to report the total amount I received from the sale of my stock shares on my 2009 federal income tax? Will I then have to pay similar capital gains to the IRS?