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Matthew McKenney
RE/MAX POWER REALTY
Canadian Client Information



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, make sure it is in a good location with desirable amenities nearby: restaurants, hospitals, parks, beaches, shopping centers, etc


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 property 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 a better knowledge of U.S mortgages and provide more options in terms of how long you can lock in interest rates 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 Options for Retirees?

For Canadian citizens 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. 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, you will need 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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