****thanks for all the good info , in these forums ******
I seem to have done well with the my real investment - all rented in Ontario. Total of 3 - 2 bought 5 years back and 1 just a month back.
A new opportunity has CA for a TN role - plan to stay 3years or more..and someday afford a place if I can.
In relation to 'taxation; is it good to own multiple properties while being in US? Plan was to hold 5+ years. Feels like a safeguard for coming back if the new 'T' administration rips NAFTA to the TN level or a surge of ppl moving north -driving prices more up.
How does this fall into the horror of international taxes and audit or any cross-border issues ? Please advise. For sure not asking about real estate advise, just tax related and pros/cons.
Real Estate investment in Canada while on TN in US
Moderator: Mark T Serbinski CA CPA
Maybe I should have specific question instead of asking for advise.
Will be making a 80k/annum salary in USD.
+ earn 1K CAD from each property after calculation of interest,maintenance and expenses paid to property manager.
Would I be filling this $1k x 3 rentals , with my US return or just in Canada?
If I were to sell one property by end of next year, will be taxed on the gain from departure date or the date of original purchase - none of these are my primary residence.?
Based on the calculations, contemplating if I should sell one before I leave.
Will be making a 80k/annum salary in USD.
+ earn 1K CAD from each property after calculation of interest,maintenance and expenses paid to property manager.
Would I be filling this $1k x 3 rentals , with my US return or just in Canada?
If I were to sell one property by end of next year, will be taxed on the gain from departure date or the date of original purchase - none of these are my primary residence.?
Based on the calculations, contemplating if I should sell one before I leave.
Rental income MUST have tax withheld monthly and remitted to Canada at 25% net
You should also file a 216 return to report this income in Canada
The income is also taxable in us with credit given for cdn taxes paid.
You should also file a 216 return to report this income in Canada
The income is also taxable in us with credit given for cdn taxes paid.
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