Canadian moving to USA, owns property in Canada

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kimberlycastle
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Joined: Sun Apr 01, 2007 9:01 pm
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Canadian moving to USA, owns property in Canada

Post by kimberlycastle » Sun Apr 01, 2007 9:05 pm

I am relocating from Calgary Alberta to the US in July.
I have an H1B and am relocating for work.
I own a condo in Calgary and would like to keep it and rent it out.
However I am not sure of what the tax implications of that are if any.

Any information you can provide would be helpful.
Thank you.

nelsona
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Post by nelsona » Mon Apr 02, 2007 2:40 am

Best poste on the tax forum
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

gnuelnivek
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Joined: Mon Apr 16, 2007 12:37 am

Re: Canadian moving to USA, owns property in Canada

Post by gnuelnivek » Mon Apr 16, 2007 5:38 pm

Hi,
I'm from Edmonton and moved to the US 3 years ago, but we kept our house in Edmonton for the first 2 years. It can get pretty complicated when you move to the states and have property in Canada, i.e Residency status, capital gains on your property, rental income if applicable. I would strongly suggest that you employ the services of a accountant that is familiar with both IRS and CRA policies for individuals living in the states and having property in Canada. Typically not cheap, I paid about 300-400 for my return this year, but at the same time, I am confident that I am ok with both governments in case I want to go back to Canada or if I plan on staying longer. Also, I'm also confident that our accountant found more deductions on both sides that I or any tax prep program could have found, especially since you should file to both gov'ts
Hope this helps

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