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Can a Canadian buy an apartment in the US and rent it out as investment? If yes what kind of fees a

Can a Canadian buy an apartment in the US and rent it out as investment? If yes what kind of fees/taxes will this be subject to?

  • February 14 2012 - Shoreline
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Answers (5)

Of course. It really depends area to area for fees and taxes. I would suggest contacting a few realtors in the area of your choice to get a better understanding.
  • February 14 2012
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Profile picture for nwhome.us
Peter,
Yes, I'm currently working with 4 Vancouverites who are interested in buying in Seattle. The only "fees" that you have to be concerned about are taxes that all of us pay; income, capital gains and inheritance (death) taxes. Hugh is referring to capital gains and income deposits which are actually the least of your problems.
Once you start deriving income in the US, and especially if you were to purchase in your own name, the IRS (Internal Revenue Service) wants to know all about your global income.  The US and Canada have reciprocal agreements for credits, but it is important to plan what entity makes the purchases to best benefit your tax status.
If you want to pursue this, I can help you you make it happen, through referrals, anywhere in the US.
  • February 14 2012
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Profile picture for Best Miami Beach
It is a wonderful time to buy, and South Florida currently has a large number of Canadian investors. The below answer is correct, the buying fees are minimal, the reselling are more costly. Contact us if you are interested in South Florida Properties!
  • February 14 2012
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Profile picture for hud_va
Yes,
you can I have done it as a Canadain.  The big issue is when you sell on the other end higher taxes you will pay.  So yes go for it, because all the prices now are to your favor.
  • February 14 2012
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Yes, but an "apartment" would not be your best use of capital.  A condo ("apartment") almost always has constraints from the home owners association (HOA) and also comes with monthly HOA fees - that can be  very steep.

I suggest calling our offices toll-free for a free consultation.  You can also visit out website for some more prudent options.

As a fellow Canadian I can help guide you in making the best decision.
  • February 14 2012
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