Here are some of the pitfalls to look our for...
Estate Taxes
U.S. estate taxes can impose a burden on the estate of Canadians who owned U.S. real estate at death.
Selling Your Property
If a Canadian sells real estate located in the U.S. , a withholding tax of 10% of the gross sales price applies.
Renting Your Property
Snowbirds who rent out their Florida condo or other real estate located in the U.S., should beware: a withholding tax of 30% normally applies to the gross amount of any rent paid to a resident of Canada.
Residency Rules
A Canadian snowbird will be treated as a resident for tax purposes if he/she meets either of two tests the lawful permanent resident (or green card) test, or the substantial presence test.
Please seek advise, or contact me for some interesting ways around these!
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