I am a Canadian resident and have moved to US under H1 visa. I own a condo in Canada and used to live there with my sister when I was resident of Canada. My sister still lives there. I don't receive any rent from her, but am worried CRA will not accept this and consider it as a tie to Canada.
If I go to notary and add my sister as co-owner, would that help me? I will still be the sole person to pay the mortgage.
For a co-owned property when one owner is resident and the other is non-resident, what would happen if they decide to sell it?
Are they going to pay annual property and school taxes with resident rates or non-resident rates?
co-owned property for a non-resident
Moderator: Mark T Serbinski CA CPA
There are lots of formalities that we have to do for investing in property if you are not a residential. The koh samui agents helped me lot to get property.
http://www.samuipropertyonline.com/
http://www.samuipropertyonline.com/