Are You a Canadian Who Owns U.S. Property?
Do you currently own U.S. property or are you considering it? If so, you are in good company. According to the U.S. National Association of Realtors, 23% of international buyers were from Canada last year. In fact Canadians have been the largest group of foreign buyers for the last three years. A Leger Marketing Study conducted for BMO Bank of Montreal found that 20% of Canadians would now consider purchasing property in the United States due in large part to a strong Canadian dollar and very low home prices in the U.S.
It's important to note that although Canada and the United States share a border and a very similar way of life, our laws and financial practices are separate, distinct and unique. Whether you are interested in purchasing property in the U.S. as a vacation home or strictly as an investment, there are many things to consider - property management if you are to be an absentee landlord, residency rules, differences in mortgage financing and how interest is charged, income tax implications, estate tax implications, and the list goes on. This is not as simple as buying a property and making decorating decisions.
Simplify the process of purchasing and owning U.S. property by consulting with C2 Global Law. We are licensed to practice in Canada and the United States and therefore uniquely positioned to assist Canadians with all aspects of purchasing and owning U.S. property including but not limited to:
- Residency Rules
- Owning and/or Renting Out Your U.S. Property
- Selling Your U.S. Property
- Estate Taxes
Contact C2 Global Law today. We will help you to simplify and minimize the liabilities of U.S. property ownership and as a result, maximize the enjoyment.