| | | October 2020 | Seller beware: tax issues for Canadian residents selling U.S. real estate
Kevin Tippett, CPA, is a principal at Baker Tilly Ottawa | | For a few years following the 2008 financial crisis, we saw many investors and snowbirds purchasing U.S. properties to take advantage of real estate bargains and a weak U.S. dollar. Over a decade has passed, the Canadian dollar has weakened, and with limited ability—or desire—to travel to the U.S. due to COVID-19 we are noticing a significant increase in U.S. real estate sales by Canadian residents. The situation provides an incentive to review some of the common U.S. tax issues when a Canadian resident sells U.S. real estate. |
| | | Baker Tilly Ottawa LLP 400-301 Moodie Drive
Ottawa, ON
K2H 9C4 Canada
[email protected]
www.bakertilly.ca |
| This email is sent by Baker Tilly Ottawa LLP, formerly Collins Barrow Ottawa LLP. 400-301 Moodie Drive, Ottawa, ON, K2H 9C4, Canada.
Baker Tilly Canada periodically publishes U.S. Tax Alert for its clients and associates. It is designed to highlight and summarize the continually changing tax and business scene across Canada with respect to U.S. issues. While U.S. Tax Alert may suggest general planning ideas, we recommend professional advice always be sought before taking specific planning steps. |
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