Dual Canadian/US Citizen in the US - purchase house in Canad

kylar
New Member



Joined: 21 May 2008
Posts: 2

Posted: Wed May 21, 2008 10:50 am

 

---

I have dual citizenship in Canada/US, born & raised in CA, moved to US in '99, permanent resident, no 'ties' in Canada (no banki accts, property, haven't filed taxes since I left).

I want to buy a vacation house in Canada. I've contacted a bank in Ontario, and they say that no bank in canada will give me a mortgage. Does anyone have any advice?

I also was curious - again, I haven't lived in CA for 9 years, and am a full time resident/citizen of the US. Was I required to file any forms or anything when I left (To inform the Gov't that I wasn't going to live there, file taxes, etc?)

Thanks!
-Tom

---

Reba
Moderator


Canuck in NC

Joined: 16 Jul 2004
Posts: 967
Location: North Carolina

Posted: Thu May 22, 2008 3:05 am

 

---

There is a form on the tax returns that you should have filed your last year there to notify them that you are no longer resident in Canada.
_________________
I miss Shreddies!

Are you in the US or Canada? Want to make some extra money? Check out My Watkins website for some awesom products and business opportunity.

---

Steven
CanuckAbroad VIP



Joined: 28 Sep 2007
Posts: 739
Location: Calgary

Posted: Mon May 26, 2008 9:09 pm

 

---

Yeah, there's a box on the T1 that you check to say that you left. You might want to file an NR-73 with the CRA now or write them a letter just to wake them up to the fact that you're not there and haven't been for ages so they don't sit there working out all the back taxes you owe them. (Non-resident dept. in Ottawa).

If you live in the US then you should get the mortgage in the US, because otherwise you will face problems because of fluctuations in the exchange rate.

There's no tax implications per se as you are a US resident, other than the normal ones any US resident would face, i.e. capital gains tax.
_________________
Steve.

---