5 thoughts on “Hurry, Hurry — Become a ‘US Person’ with Investment Property in Arizona, while the Getting is Good”
“Walkden said if a Canadian buyer understands the rules, it’s a simple
process to navigate the taxation issues in the U.S. market.
For example, if the property is used as a vacation home, tax issues
really only matter when it’s sold or when the purchaser dies.”
If any financial advisor gave advice like this they would be guilty of fraud. Real Estate agents are no better than used car dealers or lawyers. Caveat Emptor.
*@ConfederateH, the key is “if the Canadian understands the rules.” They are much more complex that in this ad. If you do not understand them, like the one that staying in the US for too many days, subjects you to US taxation on our world wide income, how rental income of non-resident foreign citizens is taxed and on and on.
There is a big tax trap just waiting to be sprung on Canadians who don’t have highly competent tax advice. This tax advice does not come cheap, but buying property on faith without knowledge will cost much more.
Caveat Emptor indeed!
I can only guess how a Canadian would feel about having to file FBARS and form 8938 because he/she overstayed their visit. If RBC is providing mortgages as one of the commenters claimed, they would certainly have all the indicia they need to require a further look. This is a trap that I’m sure many will inadvertently fall into.
The quote from P.T. Barnum still appeals to me: “There’s a sucker born every minute.”
I love the “when the purchaser dies.” OK -and then what? Well, my dear, you have a new heir: Uncle Sam and he is going to get the majority, because you are not a US Citizen living in the US
ohh.. and one more thing. Did you understand the fine print about your soal?
“Walkden said if a Canadian buyer understands the rules, it’s a simple
process to navigate the taxation issues in the U.S. market.
For example, if the property is used as a vacation home, tax issues
really only matter when it’s sold or when the purchaser dies.”
If any financial advisor gave advice like this they would be guilty of fraud. Real Estate agents are no better than used car dealers or lawyers. Caveat Emptor.
*@ConfederateH, the key is “if the Canadian understands the rules.” They are much more complex that in this ad. If you do not understand them, like the one that staying in the US for too many days, subjects you to US taxation on our world wide income, how rental income of non-resident foreign citizens is taxed and on and on.
There is a big tax trap just waiting to be sprung on Canadians who don’t have highly competent tax advice. This tax advice does not come cheap, but buying property on faith without knowledge will cost much more.
Caveat Emptor indeed!
I can only guess how a Canadian would feel about having to file FBARS and form 8938 because he/she overstayed their visit. If RBC is providing mortgages as one of the commenters claimed, they would certainly have all the indicia they need to require a further look. This is a trap that I’m sure many will inadvertently fall into.
The quote from P.T. Barnum still appeals to me: “There’s a sucker born every minute.”
I love the “when the purchaser dies.” OK -and then what? Well, my dear, you have a new heir: Uncle Sam and he is going to get the majority, because you are not a US Citizen living in the US
ohh.. and one more thing. Did you understand the fine print about your soal?