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U.S TAXATION

FOR CANADIANS OWNING U.S REAL ESTATE AND SNOWBIRDS

 

Canadian investment in U.S. real estate is not a new phenomenon. Nevertheless, it should be noted that the purchase of American real estate significantly increased since 2010, as numerous Canadians decided to buy property in States with warm climates such as Florida and Arizona. However, many Canadians remain uninformed about the significant tax consequences U.S. real estate can produce. The sale and rental of American property and death of a Canadian owner can entail many cross border tax implications. 

 

Several legal issues may arise whether the property is purchased for personal use or to generate additional income. For Canadians owning a property like vacation homes, difficulties can arise when the owner dies or is declared incapacitated. In these situations, owning your property via a cross-border trust may be beneficial. 

 

Similarly, Canadians who own property for rental purposes are potentially subject to litigation should something go wrong with a tenant. In these situations, protective measures can be taken to limit or eliminate any potential lawsuits.

 

At Meditax, we take pride in our ability to assist Canadians in various cross-border real estate issues. Our lawyers are committed to finding tailored solutions to our clients' needs. Every situation differs, especially when dealing with real estate and our team is here to help you. Our experience extends to:

  • PURCHASE AND SALE OF U.S. REAL ESTATE BY CANADIANS

  • MINIMIZING ESTATE TAXES IN THE U.S WHILE LIVING IN CANADA

  • CROSS-BORDER TRUSTS, REVOCABLE AND IRREVOCABLE LIVING TRUSTS

  • DUAL CITIZEN TAX PLANNING

  • DOING BUSINESS IN THE U.S.

  • MOVING TO THE U.S.

  • U.S. CITIZENSHIP RENUNCIATION

  • PLANNING FOR SNOWBIRDS

 
 

1405 Transcanadienne, Suite 400, Dorval, (Qc) H9P 2V9

info@meditax.ca |   514.653.6334

MEDITAX