Canadian buying a home in the U.S.

Oatlord · Post by **Oatlord** » Thu Mar 02, 2006 9:11 pm

Hello all,

I'm a U.S. citizen; my fiancÃ©e is a Canadian citizen. We're currently filing for a fiancÃ©e visa so she can enter the U.S., we can marry, she can live here, etc. Her parents might be giving us a sizeable amount of money to put down on a home in the U.S (combined with what we have saved). We tentatively plan on trying to buy something here before she moves down. Would it be best for her parents to give her the money, then she writes a check from her account when we find a place, or give me the money, and I write a check, or should we open a joint account or something along those lines? I apologize if this is a commonly asked question, but we're a bit lost right now as to where to turn to for answers. Any help would be greatly appreciated.

nelsona · Post by **nelsona** » Fri Mar 03, 2006 7:59 am

It's not a common question.

However, it would be absolute lunacy on your future in-laws part to give YOU the money.

Have them give it to HER, and then SHE can decide what to do with it.

Oatlord · Post by **Oatlord** » Fri Mar 03, 2006 9:12 am

Well, we've been together for over 7 years, so it's not like they don't know me, but my original question pertained more to the best method for us to use that money to purchase a home, which is what it's ear-marked for. If she writes a check, would there be more / less taxes and fees (if any) than if they just give me the check then I write it. I guess this is too complicated a question for a quick forum answer, so does anyone know where we can find information regarding this issue? We don't even know where to start to look....

nelsona · Post by **nelsona** » Fri Mar 03, 2006 2:05 pm

Huh?

There is no difference in the taxation of a gift, whether she buys a house, gives you the money, or blows it at a casino.

There is no tax implications on any of these scenarios, because canada does not have a gift tax.