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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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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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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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Beneficiary deed

Posted date : May 14, 2019

I read recently about gifting your property in Arizona. When we purchased our property in Arizona, our escrow agent suggested a beneficiary deed. Apparently, our property will pass to our named beneficiary without red tape or penalties. Worth looking into. J. Grierson Brandon, MB Response : Ed.: Another possible solution to this estate issue. I would […]

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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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