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.