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Post by rockiesCal on Dec 14, 2015 6:03:43 GMT
I am Canadian and want to know if there any Canadians here who purchased property in US. I know that as a Canadian we can buy property in US but do anything change as now we are Non-resident Canadian?
Are there any specific things that we have to consider.
Another question I have is. I have a bank account in USA in Bank of America that I opened long ago while I was working in US and is still active. Can I transfer part of my salary there in spite being a non-resident Canadian. will there be any implications?
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Post by RFA on Dec 18, 2015 17:45:51 GMT
Hi there rockiesCal and thanks for your question. In regards to buying a home in the U.S., you can purchase without any problem. However, you will be responsible for property taxes. Depending on who else lives there and for how long, you could be subject to income taxes (this would be based on residency test). If you work and live in Saudi, then you most likely will not have to worry about this. If the property is rented, rental income could be subject to FDAP income (fixed, determinable, annual or periodic income), which is taxed at a 30% rate. In regards to your bank account deposits, this is not a simple answer. It depends on 1.) what you want to do with the money and 2.) where you plan to live in retirement. It's up to the insution/bank if they will accept future funds for non-resident aliens. Policies vary. I hope this clears it up a bit more. If you have any more questions or wish to talk to a professional, please don't hesitate to email info@rfawealth.com. Thanks and Happy Holidays! |
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Post by rockiesCal on Dec 24, 2015 10:21:41 GMT
RFA,
Thanks for the info, I will drop you an email
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Post by dgc00 on Dec 31, 2015 14:13:15 GMT
Buying a house in US is easy, especially if you still have credit history and a SSN from when you were living there. If not then you may need to have a larger down payment (~20%) and apply for ITIN. If you decide to rent it out, it is a little bit of a burden - taxes, not as many deductions, etc. plus if you are in a smaller community, agents/ management companies may not know how to deal with non resident laws (example withholding taxes). One big issue to know is that your house (cars + other investments/stocks) will be subject to estate taxes for anything over 60k for non US resident, and if you are a non resident of CAN (if you are still a resident of Canada then you are ok, tax treaty makes estate tax credits at something like 1.5 million). Last recommendations are to get an agent that has dealt with overseas customers - makes email paperwork easier; use US consulate for notary; and you can even give your agent permission to sign closing documents (if you are in kingdom). Hope this helps...
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