Serbinski Accounting Firms

We are US citizens and recently purchased a vacation condo in Montreal. February of this year we held about $358K CAD ($254K USD at the time) in a Canadian bank for several weeks. Once the condo purchase was complete that balance went down to about $13K CAD - which is where it stands today. I assume...

We are US citizens in the process of purchasing a vacation condo in Montreal and were wondering if GST & PST (sales tax) on the condo purchase we deductible on our US Income Tax if we chose the option to deduct state and local sales taxes instead of state and local income taxes.

We are US citizens in the process of purchasing a vacation condo in Montreal and were wondering if GST & PST (sales tax) and Quebec Welcome Tax (land-transfer tax) are deductible on US Income Tax.

Thanks for the reply nelsona... So am I correct in assuming for my example that I would pay 25% on $4000 to CRA? And then essentially add $4000 of income to my 1040 and apply whatever Foreign Tax Credit I'm allowed to my US return?

I understand that (without the NR6) the rental agent withholds 25% and remits it to the CRA, and when I file a file a non-resident 216, the rental income is then taxed on a net basis, and I assume any taxes paid in excess will be refunded to me. Lets say my net income after expenses and depreciation...

I am a US citizen considering buying a rental property in Canada. Do I have to declare the rental income on my U.S. 1040 Income Tax return, or can I file a non-resident Canadian Income tax return and declare the income there. The Canadian Income Tax return would be at a much lower rate for me.