This is an article from last Saturday that appeared in The Edmonton Journal.
I certainly agree that the stars are aligning for Canadians to invest in Arizona real estate.
Here’s another reason to consider buying U.S. vacation or retirement homes, he says: “Canadian cottage prices are nearly going through the roof.”
At Sylvan Lake, some properties are selling for $1 million or more, Wruk says. “People can sell there, buy here (Phoenix, Ariz.) for $500,000, and put the difference in their pocket.”
U. S. law requires the filing of an estate tax return for anyone who dies holding more than $60,000 worth of U. S. property, Wruk says. But actual taxation applies only if the estate exceeds $2 million.
Canadians who earn U.S. rental income must report such income in both countries, Ritchie says. If they pay U. S. income tax, however, they can claim a foreign tax credit on their Canadian return to avoid double taxation.
To get more information on buying an Arizona home, don’t miss by sister website, How to Buy Arizona Real Estate.