Search found 272 matches

by eortlund
Sat Jun 11, 2016 10:46 pm
Forum: Canada / United States Tax & Accounting
Topic: rent to own
Replies: 6
Views: 1461

Thanks for weighing in. Hoping to find a buyer soon. If we haven't found one by fall, perhaps we would rent out the house, but avoid a rent to own.
by eortlund
Sat Jun 11, 2016 7:14 pm
Forum: Canada / United States Tax & Accounting
Topic: rent to own
Replies: 6
Views: 1461

And then any down payment or rent credit is taxed at 25% as well?
by eortlund
Sat Jun 11, 2016 12:55 pm
Forum: Canada / United States Tax & Accounting
Topic: rent to own
Replies: 6
Views: 1461

rent to own

We have someone interested in possibly doing a rent-to-own deal with our house in Canada. As you know, we will be non-resident soon.

How much complication would this add to our reporting to CRA and IRS? Any other downsides to be aware of?
by eortlund
Tue May 31, 2016 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Thanks for the help
by eortlund
Tue May 31, 2016 5:58 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Do you mean 2062?

Because it can take 2-3 months for CRA to process these, my understanding is we can send them in as soon as we have a confirmed offer? But if not processed by time of sale, how do we avoid the 25% being held back?
by eortlund
Tue May 31, 2016 4:04 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Just to be clear, because it's been our principal residence for 10 years and we will not have been gone a year, I should question anyone who tells me the CRA will want them to hold back 25% (of gains, or even purchase price as one person told me)? And it's specifically the principal residence exempt...
by eortlund
Tue May 31, 2016 2:26 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Have printed out form T2062 and Form T2091 (IND). Is this correct? If so, I will study them and the instructions and come back with any other questions.
by eortlund
Tue May 31, 2016 2:22 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Yeah I don't think the professionals involved in this sale encounter this issue very much.
by eortlund
Tue May 31, 2016 2:02 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Never thought about doing this with a doula, thanks for the suggestion. :)

Will look at forms, I figured accountant might be exaggerating how hard it was.
by eortlund
Tue May 31, 2016 1:46 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Are these forms complicated? I understand it will be a Certificate of Compliance and a form saying the house was my principle residence. Local lawyer said I would need an accountant to do it. Local accountant said I need a cross-border accountant to do it. ? Would rather not pay those fees if I don'...
by eortlund
Sun May 29, 2016 3:13 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Thanks, I had seen that page. But wasn't sure what applied to people selling within the year and what didn't. I will study it more closely. Maybe we shouldnt use our local lawyers and should hire someone who specializes in this.
by eortlund
Sun May 29, 2016 11:28 am
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Also does it make a difference that we are not going to the UK June 29? We are going to the US for the month of July on vacation before heading to the UK in August.
by eortlund
Sun May 29, 2016 11:10 am
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

Thank you. By broker, do you mean our realtor or our lawyer? Or should we just do it? Can you tell me the forms required?
by eortlund
Sat May 28, 2016 7:00 pm
Forum: Canada / United States Tax & Accounting
Topic: selling house after we leave
Replies: 17
Views: 3157

selling house after we leave

Our house still hasn't sold and we leave Canada June 29. However my husband gets paid through July so Iam tthinking we will be non-resident in August. My understanding is that if it doesn't sell this month, I should get a Fair Market Value assessment? Or arrange it for late July? Once it sells, no t...
by eortlund
Mon Apr 25, 2016 1:42 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Very good