Canadians doing some U.S. Real Estate Investing

by Jessica
(Barrie, ON)

We have recently decided to pool together our resources with some family members to take advantage of the low prices and low interest rates and purchase a vacation property in Florida.

Our concern is with seeking out the right resources to figure out how to format this purchase.

For example, some have mentioned incorporating a business to do the deal, however I have read online that this might not be the smartest move in terms of dealing with U.S. taxes.

Do you have any information or any resources that would give us some direction?

Regards,

Jessica

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Feb 04, 2010
Canadians Buying Investment Property in Florida
by: Tom Karadza

Hi Jessica,

There's one condition here...you have to invite us to your property so we can bask in the sunny Florida weather too! :)

You're smart to ask these questions in advance, we've seen many investors plow ahead and make a U.S. investment property purchase without doing the proper due diligence.

Canadians are definitely hit with specific U.S. tax laws when it comes to rental income. Your best bet is to get an Accountant who knows both the U.S. and Canadian laws.

We know an Accountant certified in both Canada in the U.S. and he's here in Ontario.

Explain your plan and ask for advice on how to structure the purchase. A few minutes up front will save you a ton of problems down the road.

If you would like his number call our office and give your email address to Emily ... we'll send his contact info to you. Office: 416-848-6293

Tom.

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