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What can Snowbirds do with their U.S. Vacation Property During the Pandemic?

July 21, 2020 By Cardinal Point Wealth

Are you a snowbird, spending lush summers in your home country and avoiding Canada’s cold, harsh winters in a U.S. vacation property? If so, you’ve probably wondered about the tax implications of retaining or selling your U.S. home now that a global pandemic has made that southern migration too dangerous to be prudent.

Terry Ritchie, Cardinal Point Wealth Management Vice President, recently contributed his expertise on this topic in an article for The Globe and Mail. In the piece, Terry and other cross boarder financial experts suggest a number of actions you can take to come out on top despite these uncertain times including:

  • Renting the property to cover the costs of holding onto it
  • Selling the property to eliminate associated costs

Each option has its own set of tax implications, which should be considered before you act. Read the full article and learn more on The Globe and Mail website here.

Terry Ritchie
Terry Ritchie

Filed Under: Articles, Canadian Snowbirds Tagged With: Canadian Snowbirds, Renting vacation property, selling vacation property, snowbird, U.S. Vacation Property

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"Cardinal Point" is the brand under which the dedicated professionals within the independent Cardinal Point Group of Companies collaborate to provide financial and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point comprises two legally separate companies: Cardinal Point Wealth Management, LLC, a U.S. registered investment advisor and Cardinal Point Capital Management Inc.is a U.S. registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where the independent Cardinal Point firms and its representatives are properly registered or exempt from registration. Each firm enters into client engagements independently. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.