QUESTION: I work in the US under a TN-1 Visa. Am I allowed to buy a house in
the US while I am here? What would my options be when I want to sell the
house and return to Canada? Can I use the accrued equity to purchase a house
in Canada without being taxed on it?
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david ingram replies:
As a TN visa holder, you can buy a house but be aware of the limitations of
your job. As a TN or H1B visa holder, you are the first to be laid off or
let go if the organization has to downsize.
In the last three months, I have likely had a hundred TN or H1B visa holders
in total shock because their job disappeared and they have to return "right
now" to Canada.
The last time it happened in a large way was in 2000 when the dot.com
meltdown resulted in thousands of sudden layoffs with the Canucks being the
first to go.
You should get your employer to get you an H1B and start the green card
process before you buy a house.
But in any case, remember that such things as wrongful dismissal cases do
not usually work for an H1B or TN visa holder
However, if you do and it does go up in value, you are entitled to up to
$250,000 (each owner) of profit if you live in it for 24 months or more. If
the sale is after 12 months or 14 months because you are laid off, the
$250,000 is prorated by the number of months you live in it divided by 24.
In other words, if you were in it for 12 months, your exemption would be
$125,000 each.
And you just bring the money back to Canada by writing a check or using a
bank to bank electronic transfer.
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