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Bird Talk » Dollars & Sense

Dollars & Sense

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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IRS Filing Question

Posted date : Aug 9, 2019.

In 2019, we rented our Florida/Jensen Beach condo out to Americans (for the first time) for the months of February/March through a Jensen Beach-based realty management company. Can we pay the tax on these U.S. rental earnings in Canada, or must we pay it to the IRS?

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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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Amazon Prime

Posted date : Aug 9, 2019.

I read your article in the summer 2018 issue on Amazon Prime. I talked to an Amazon customer service agent and he suggested to me to just get it monthly in Canada and in the U.S.

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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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