This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
We (married) Canadian Citizen currently working in US (for last 5 years), and are not a resident of canada for tax purposes.
We want to invest in real estate in canada and rent out the home. Couple of questions
1. Will owning a home in canada mean, We now will be considered as residents of canada for tax purposes? meaning, our US income (salary) is taxable in canada (i understand due to tax treaty, we may only pay difference in tax rates).
2. Will we have to pay tax on rental property income in Canada monthly? or just pay it once at end of year?
1. No
2. Monthly, with corrections made at year end ONLY on the rental income. Taxable in the US as well, of course.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best