Dear all,
Can anyone clarify this quesion please.
I have a non-resident status (a Canadian with a green card living in US) because I do not have significant ties with Canada (just bank accounts).
I'd like to buy a property in Canada with intention to rent it out first. When I return to Canada in 4-5 years I may use this property to live in until I find a permanent place. Can I loose my non-resident status after buying this property. What if I can not rent it out and consider it as my vacation house?
Thank you.
can non-resident status be lost?
Moderator: Mark T Serbinski CA CPA
Because you are a US tax resident (it doesn't even matter that you areGC holder), the tax treaty protects you by determining that your one residence is where your centre of vital interests are. As long as your job, your dependants and most of your social ties are in US, and you spend most of the year there, you can have kept a mansion in Forest Hills that you visit every weekend and you will still be considered a US resident.
This would not be the case if you were a resident of a non-treaty country, such as mist arab countries or most caribean islands. But US and most other major countries, with treaties, have this residency clause for your protection.
This would not be the case if you were a resident of a non-treaty country, such as mist arab countries or most caribean islands. But US and most other major countries, with treaties, have this residency clause for your protection.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
[quote="nelsona"]Because you are a US tax resident (it doesn't even matter that you areGC holder), the tax treaty protects you by determining that your one residence is where your centre of vital interests are. As long as your job, your dependants and most of your social ties are in US, and you spend most of the year there, you can have kept a mansion in Forest Hills that you visit every weekend and you will still be considered a US resident.
This would not be the case if you were a resident of a non-treaty country, such as mist arab countries or most caribean islands. But US and most other major countries, with treaties, have this residency clause for your protection.[/quote]
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I 'm sure there is a web site for the countries Canada has a tax treaty with...
This would not be the case if you were a resident of a non-treaty country, such as mist arab countries or most caribean islands. But US and most other major countries, with treaties, have this residency clause for your protection.[/quote]
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I 'm sure there is a web site for the countries Canada has a tax treaty with...