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Bird Talk

Bird Talk

Kudos to Medipac

Posted date : May 30, 2019.

Note: We are approaching our Early Bird Travel Insurance time, and felt that we should remind you what a few of our customers really think of us. Kudos to Medipac We had already purchased our winter insurance and were preparing to go to Yuma, AZ for the winter, when my wife fell ill and required surgery, […]

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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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Real Estate Ownership in California

Posted date : May 30, 2019.

My husband and I bought a house in California two years ago, as “Husband and Wife as Joint Tenants.” I’ve been reading some information recently that’s making me wonder if we should transfer it to a “Revocable Trust” to avoid costly probate and extraordinary fees. The purchase price was $168,000. The current value is more […]

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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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How long can we stay out of Quebec in a year?

Posted date : May 30, 2019.

We own a house in Newport, VT, where we spend fewer than six months. We are planning other vacation time to be spent in other countries in 2019. What are the consequences in Québec? Michel Bérubé Sherbrooke, QC Response : Ed.: Quebec allows a six-month absence in any calendar year. You would be able to […]

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Form 8840 late filing

Posted date : May 14, 2019.

I found out recently that I need to submit an 8840 from July 2015 to current. Should I still file, even though it’s past the June 15 deadline? Or wait until next year? Is there a penalty or consequence for late filing? Thomas Phillips Vancouver, BC Response : Ed.: File it now. There are no […]

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