Buying and Selling
Five Misconceptions about Buying Property in the US as a Canadian PDF  | Print |
Written by Dale Walters   
Thursday, 16 June 2011 09:22

Following are five misconceptions Canadians may have about buying US real estate, from Keats, Connelly and Associates' partner and CEO, Dale Walters, a leading cross-border wealth expert.

1. If I report my rental (or capital gain) income in Canada, I will not have to report the income in the US. Conversely, if I report in the US, I will not have to report in Canada.

The basic tax concepts that determine taxability are residency/citizenship, and where the work or business activity took place. The business (rental) activity happened in the US, therefore the income is taxable in the US.
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