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QUESTION:
I am a Canadian non-resident who is a holder of a green card in the u.s. I am looking at buying lakefront property in B.C. with my brother who is a Canadian citizen. We are looking at being coowner's on a piece of property and eventually want to build on it. Additionally, we may want to buy the adjoining property to hold as an investment and resell in a few years. What are the tax implications of this situation a. if I resell or b. just hold onto it and eventually live there.
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david ingram replies:
No problem. Buy the property, it will NOT make you a resident of Canada if it is vacant land.
goto www.centa.com and read the US/Canada Taxation section for a list of items which will make you a resident in Judge Teskey's decision in the Dennis Lee case.
If you sell it, 50% of the profit will be taxable to Canada at a progressive tax rate of from "about" 24% on the first $32,000 to about 44% at over $100,000 of taxable capital gains which means half of the actual capital gain.
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