Matthew McKenney
Phone: (480)233-4921
Fax: (480)850-5840
Canadian Buyer Info

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What are the implications of Renting out a U.S. property?

If you collect rental income from a U.S. property, you need to
file a U.S. tax return. If you purchase a property with the intention of renting
it out for all or part of the year, make sure it is in a good location with
desirable amenities nearby: beaches, golf, ocean, restaurants, hospitals.


How should I hold title to a U.S. property?

Know how to title your property and the implications of each
type of ownership: fee simple, joint with its survivorship, joint as tenants in
common, etc. Simply buying a place in the U.S. does not mean you need to file
for U.S. taxes, only if you rent or sell.


How should I finance a U.S. property?

If possible, secure financing with a U.S. financial institution.
They will have better knowledge of U.S. mortgages and provide more options in
terms of how long you can lock in for. (We have several lending sources we can
put you in touch with.) Alternatively, use your home equity to open a line of
credit in Canada and pay cash for the home.


What are the tax rules on owning a U.S. property?

Recent changes to the Canada-U.S. Tax treaty prevent foreign
owners from paying taxes twice. The tax treaty, one of the most important
documents for the protection of Canadian financial assets in the U.S., overrides
domestic Canadian and U.S. rules and can lower your overall tax bill.


What are the options for retirees?

For Canadian who have retired, the U.S. has portfolio
opportunities to earn as much interest income tax-free as possible. Also, the
costs of living in many U.S. retirement areas are substantially lower than
equivalent Canadian areas.


What is the best way to exchange currency?

Exchange large sums at one time and ask for the spot rate rather
than accepting the posted rate. Avoid using cash for the exchange. Shop around
to at least three different institutions and when possible, use reputable
currency brokers rather than banks.


What are the immigration and custom rules?

Know how long you can legally stay in the U.S. as a visitor. If
you wish to work in the U.S. or to stay more than six months, get a proper visa.
If you stay longer than six months, you will be required to file a U.S. tax
return.


What do I need for medical coverage in the U.S.?

Whether you are going to the U.S. for
a two-week holiday or a six-month stint, make sure to get good travel insurance.
When possible, take high-deductible plans. Prices rise substantially if you stay
more than three months. Also, try to fill any prescriptions before you leave
Canada.

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RE/MAX Power Realty
23858 S Power RD • Queen Creek, AZ 85242
Phone: (480)233-4921 • Fax: (480)850-5840



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