Moving to Canada but have property in US

Canadian Expats and travelers in the USA can communicate with each other here!

Moderator: visaplace.com

shmuupieNew Member
Topic author
Posts: 1
Joined: 1 Oct 2010

Moving to Canada but have property in US

Post Fri Oct 01, 2010 12:14 am

I have been in US for the past 10yrs (partially on H1 and partially on F1). I recently got my Canadian Immigration. We are in the process of buying a house here and have been waiting for the bank approval for a while and it is scheduled to come in any day now (short sale property).

My GC is to be filed this year by my company but we are not willing to wait for 8-10yrs to get it, and hence have decided to move to Canada as that will give us more freedom to move/change jobs.

So the question I have is:
We want to buy this property since it is a good deal that we are getting. What are the implications of keeping a property here and moving to Canada, since we wont have any visa of US? How much more tax would we be paying, since it would have become an investment property (we would be renting it out)? Also we would be moving nearly after a year from now so my lender doesn't has any problem with it and has said that i will be good for the FHA loan if I stayed in the house for at least a year.

If you were in my situation would you at all think of buying a property here?

Any inputs/suggestions would be really welcomed and highly appreciated.
Thanks
Top
agnelsonCanuckAbroad VIP
Posts: 3263
Topics: 1
Joined: 26 Aug 2009

Re: Moving to Canada but have property in US

Post Fri Oct 01, 2010 10:40 am

income from your property will be taxed by the state, IRS, and Canada and province.

Canada and province will give credit for US and state tax paid.

Having this property will not impact either your taxes on other income, nor your ability to visit US.

Many Cdns have US property.
Top

Did you enjoy this post? Share it!

 
  • Related topics
    Replies
    Views
    Last post