How to Buy U.S. Real Estate With the Personal Property Purchase System
A Canadian GuideBook - 2012
Canada and the U.S. have a long, open and friendly border; Canadians are not required to obtain a visa to enter the U.S. as a visitor. The two countries are allies and have similar cultural, social and entertainment interests and institutions, so much so that many Canadians feel at home in the U.S.
Despite these similarities, there are some critical differences with respect to laws and accounting practices surrounding the ownership of property and the amount of time one spends in the U.S. Spending time in the U.S. and participating in financial transactions involves certain tax and legal responsibilities. Laws are constantly changing; it is a full-time job for professionals to keep abreast of these changes. Canada/U.S. or what is known as "cross-border" real estate, tax and estate planning is beneficial to Canadians who take the time to become aware of their options and responsibilities. And, most Canadian buyers of U.S. real estate are unaware of laws and compliance issues in the U.S. There are important tax and estate consequences which could cause punitive financial damage if not properly structured. Ignorance is not recognized as an excuse.
Having practiced real estate for over 23 years, the author fields numerous enquiries from Canadian buyers interested in acquiring U.S. real estate. Most of the questions focus on how to find distressed properties, and financing and property management, which of course are important to understand. Very few prospective buyers raise questions about tax, residency, health care or estate planning issues - topics which are just as important. If these aspects are not properly attended to, substantial financial loss can result.
This book outlines the need-to-know technical information along with options and issues that Canadian buyers need to review and consider in a working plan, and offers a step-by-step, objective-oriented system, invested with the expertise of cross-border tax specialists, estate attorneys, real estate and mortgage specialists, complete with checklists, forms and resources that the reader can use during their own personal process. The author is affiliated with a team of exceptional cross-border experts (legal, tax, mortgage, insurance, realtors) who are contributors to the book.
Readers will literally be able to develop a plan they can customize to their goals and needs, as well as the assistance of veteran cross-border experts to facilitate their acquisition of U.S. real estate. The book will act as an educational resource as well as become an integral part of the Canadian buyer's acquisition plan.