Canadians Buying in the US
This thread of the blog will be for Canadians investing in the U.S. You can click on the Comments link just above and to the right to post to this thread or to read what others have posted to this thread.
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January 28th, 2008 at 11:28 pm
If you are Canadian, you know that the Canadian Dollar is very strong now. The extra purchasing power of your dollar combines with the already-depressed prices in the U.S. to create a “perfect storm” - maybe the best opportunity to buy a home in Florida that you will see for many years to come. Some prices approach 50% of what you might have paid in 2005 when the Florida market was at its height and the Canandian dollar was much weaker against the U.S. dollar.
January 28th, 2008 at 11:40 pm
If you decide to buy some property in Florida, there are some tax and probate-avoidance advantages in using a Cross Border Trust, a revocable living trust with special provisions for Canadians buying property in the States. I have made a website that explains the advantages of a cross border trust and tells where you can get one. You can visit that site at http://www.CrossBorderTrusts.com
May 2nd, 2008 at 3:54 am
i understand canadians pay higher taxes if they buy property in florida. is this true and is there a calculation or formula that i can use?
May 28th, 2008 at 6:04 am
There is NOT one tax for Floridians and another tax for foreignors IF you are talking about second homes or investment property. Allow me to explain:
See, Floridians pay the same tax as Canadians or anyone else on all their real estate except for one piece of real estate: A principal residence that has been held for many years. There is a 3% annual limit on tax increases on a principal residence, while there is a 10% annual limit on all other real estate, whether it is owned by Floridians, Canadians or Martians.
This seems even-handed to Floridians, but it seems like discrimination to Canadians. When a Canadian decides to invest in an area you buy one unit. But here in America, the land of the free and the home of excess, we bought five of everything and our residence is only one of a large portfolio. Since we pay the same tax as you on all but one of a large number of properties, we feel we are being almost even-handed, and that almost even-handed is very good. Does that help any?
July 11th, 2008 at 9:35 pm
Thanks for the information, your knowledge is very helpfull.
August 16th, 2008 at 4:38 pm
Saturday I was searching for sites that had content for Mortgages but specifically best canadian mortgage rates and I found your site.
September 1st, 2008 at 1:58 am
any tips for buying condos in Vegas. Tax wise or something I may not know? Renting it out ..do I pay taxes there and canada? or Living in it myself for 5 months and not renting? taxes different then?
PLan on paying outright with cash.