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U.S. Real Estate and Taxes

Posted date : Sep 30, 2019

We own a second home in Mesa, Arizona. I am aware that any capital gain on a real estate sale in the U.S. is reportable and taxable. There is also a 15% withholding tax on the sale price…

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Selling U.S. Property

Posted date : Aug 9, 2019

I am considering selling my U.S. condo and wonder if you have any advice on this. I have owned it for 10 years and it has gone up in value, so I know that I will pay capital gains tax in the U.S. Will the profit be counted as income in Canada?

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Spring Bird Talk Issues

Posted date : Aug 9, 2019

There are two issues raised in the Bird Talk of the spring issue on page 8, where I am questioning your response: (1) There is no withholding tax on a U.S. sale of less than $250,000. (2) In Canada, we are required to report any real estate transaction of more than $100,000 at purchase.

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U.S. gift tax

Posted date : May 30, 2019

I own several quarters of farmland in Saskatchewan and plan to will three to four quarters to each of four non-farming children, including a son who is a dual citizen and resides and works in Arizona. All of their farmland will incur some capital gains tax in Canada, as it has been cash rented since […]

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Selling a mobile home in Florida

Posted date : May 30, 2019

I sold my mobile home in Florida in 2018. It is on a lot owned by the mobile home park. Do I need to report the sale on my CRA tax return? William Perryman Port Elgin, ON Response : Ed.: Only if you made some money. All capital gains must be reported to our CRA.

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Florida condo ownership

Posted date : May 30, 2019

I own a Florida condo. Do I need a U.S. will? Since only one’s last will is honoured, I would want it to be the same as the one I currently have. Must I bring my current will with me if I get another one in the U.S.? Could a Canadian lawyer prepare it or […]

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Sale of personal use condo in Florida

Posted date : May 30, 2019

What, if any, are the reporting requirements in both Canada and the U.S. when we sell our personal use condo in Florida. Our primary residence is in Canada. We purchased the condo in 2012 for about US$87,000. While the condo has appreciated, the sale price would be less than US$200,000. The section in the CSA […]

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Capital gains

Posted date : May 30, 2019

We purchased a condo in Florida four years ago and have made an approximate US$100,000 capital gain on it. But we are thinking of buying another property for about $315,000, thus not receiving any capital gain as we are rolling it all back into another unit. Do we still have to pay tax on the […]

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Sale of U.S. Property

Posted date : May 30, 2019

I was reading your reply to a member from Ontario, who asked about capital gains tax. We own a home in Florida. Bought it for US$65,000 and are selling it for US$130,000. We were told that we could deduct improvements we made to our place, such as all new windows, new roof, new AC, new […]

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Gifting my U.S. home to my son living in the U.S.

Posted date : May 14, 2019

My wife and I own a home in Arizona and are thinking of transferring ownership to our son, who lives in Arizona. We bought the house in 2006. We live in Canada. Would we have any capital gain to report, as this is not a sale but a gift to our son? Then could he […]

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