Other than basic google type search. If there are any realtors on board with first hand knowledge that would be helpful.

I know Canadians buy US and Visa Versa all the time. So I know it is doable. Just wondering about any weird or unusual things that would be part of the purchase. We are not talking about a commercial venture. Just land that is able to be used/developed as a part time home/cabin type thing.

Email is in my profile. Welcome contact via email. Thanks.

From what I remember, if the property is owned by non Canadians, when it is sold Canada claims half of the value. Yes, really.

A business venture with a Canadian partner would be exempt from this, but not a cabin solely owned by an American.

LOTS of Canadians buy US property, but we get screwed when buying up there.

quote:

Originally posted by c1steve:
From what I remember, if the property is owned by non Canadians, when it is sold Canada claims half of the value. Yes, really.

A business venture with a Canadian partner would be exempt from this, but not a cabin solely owned by an American.

LOTS of Canadians buy US property, but we get screwed when buying up there.

No.

Canada will withhold a percentage of the sale price if you don't fill out the proper forms first. 50% will be withheld on depreciable property and 25% on other property. By filling out the proper paperwork, Canada will withhold on the net capital gain instead.

Even if you didn't file the proper paperwork, you'd still get a refund when you file a Canadian tax return. Any sale of Canadian real estate owned by an American would require the American to file a Canadian tax return.

The American would also claim credit, on his US tax return, for Canadian taxes paid on the transaction.

My parents bought a lot on St. Joseph Island and it wasn't any different than buying one in the US.

Thanks for the update/clarification.

Bump