Non-resident Canadian Citizen buying a house in Canada

joec
New Member



Joined: 17 Mar 2007
Posts: 2
Location: San Francisco

Posted: Sat Mar 17, 2007 10:24 pm

 

---

I left Canada 8 years ago and now work in the USA. I have severed ties with Canada so I became a non-resident but remained as a citizen. I now want to buy a house in Canada for my parents to stay over the summer months. I will not live in the house or derive any income from it.

Since the house will be in my name and I suppose I need to open a Canadian bank account to make mortgage payment every month, would I be considered by Revenue Canada as a resident and liable to paying tax in Canada?

Anyone can share similar experience or can recommend a good tax adviser who can answer this question?

---

Reba
Moderator


Canuck in NC

Joined: 16 Jul 2004
Posts: 1451
Location: North Carolina

Posted: Wed Mar 21, 2007 5:44 pm

 

---

You wouldn't be considered a resident unless you declare it as your primary residence.

You will however likely need to declare on your taxes that you have property in Canada, and if you sell it, will have some extra paperwork to do.

There is a tax accounting firm in the US who specialize in Canadians in the US taxes.I can't recall their name though, I'd have to go look them up elsewhere. I'll see if I can find them and get back to you.
_________________
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.

---

freddie007
New Member



Joined: 11 Apr 2007
Posts: 2
Location: Champaign

Posted: Wed Apr 11, 2007 8:06 am

 

---

To Joec, if you're looking for answers to your original question, try this group,
they are the experts dealing with such matters, just google David Ingram.
_________________
freddie

---