Canadian moving to US - renting out home in Toronto

farmerjoe · Post by **farmerjoe** » Mon Apr 18, 2011 4:41 pm

Hi All,

Anyone here move to the US for work an decide to keep Canadian real estate?

I am heading to the US on a TN visa and would like to keep my house in Toronto. Does anyone have any experience doing the same and if so car you share any lessons learned or helpful advice?

Any trouble keeping the house occupied?

J

JGCA · Post by **JGCA** » Fri Apr 22, 2011 6:55 pm

If teh home is not rented out you can still deem it your principal residence up to 4 years, if you rent it 25% of teh Gross rent must be sent
monthly to CRA by the 15th of teh following month unless you elect beforehand to pay the 25% on the net rental income after expenses but with no depreciatin CCA taken for this purpose.

nelsona · Post by **nelsona** » Sat Apr 23, 2011 9:29 am

This is not correct. A Non-resident of canada cannot declare or deem any residence in canada his principal residence. A Cdn resident can deem a foreeign property as his principal residence, but not the other way round.

The normal rules apply however, that you get one extra year considered your residence , so you have that year to sell without any fear of cap gains.

JGCA · Post by **JGCA** » Sat Apr 23, 2011 11:33 am

Yes it is only one year not 4