Top 5 Tax Mistakes made by Non-Resident Landlords
Cross border real estate investment for many individuals fits into an overall diverse financial or retirement strategy. Whether you’re a Canadian resident buying a property in West Palm Beach, Florida to be rented out until you can retire as a snowbird, a nostalgic expat who would like to own a place in her favourite childhood vacation location in Whistler, BC, or a more calculated and focussed real estate investor, the tax issues are the same.
We have included the top five most common tax mistakes we encounter with new clients:
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We can assist you in solving all of the above issues on past filings (or failure to file)
And in many cases there are programs and procedures that can be entered into to mitigate the risk of additional tax or penalties resulting from failing to make the appropriate elections, disclosures or filings.
If you have just purchased a property in Canada or the United States as a non-resident and have ventured onto our page in your attempt to educate yourself on the tax implications of owning and renting Canadian or US real estate as a non-resident, rest assured that, with the right advise, the most frustrating and administratively burdensome period of owning and renting out a property is in the first 12 – 18 months, we can help.