Hello, I'm a Cdn working in the US. I own a pre-construction condo in Toronto (the province that has some kind of tax for foreign buyers... I'm not entirely certain about the terms).
My question - I am a Cdn but didn't pay Cdn tax for the past couple of years (only paid US tax) and the construction company will deliver my condo next year. Do I need to pay this foreign buyer tax at the time they deliver my condo? Any other things I should be considering/be cautious about given my tax status?
Thanks
J
Cdn working in US - owning a pre-construction condo in Cdn
Moderator: Mark T Serbinski CA CPA
From what I've read, the NRST is determined by your immigration status, not your tax residency. Since you are a Cdn citizen, it will not apply to you.
Even when you take possession of this condo, it will not make you a tax resident, so you do not have to worry about that. You will not be able to treat it as your principle residence, however, until you actually move back to Canada.
Even when you take possession of this condo, it will not make you a tax resident, so you do not have to worry about that. You will not be able to treat it as your principle residence, however, until you actually move back to Canada.
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