I am American and my partner in Canadian. I have applied for Permanent
Residency status in Canada. I am selling a house here in the States and
will net $60,000.00. I presently own a company that holds some residential
rental property in Canada. Can I place the funds received from the sale of
the house into that Canadian company and then can we rent the house from the
company as long as we pay fair market value for the house?
==============================
david ingram replies:
I am going over 1,800 questions. I hope that you did not put the house into
a corporation.
That would make a tax free house taxable when sold.
19 out of 20 individuals are getting the following
Sorry - too many questions to answer (over 1,800 at the moment- all of which
I have saved over the last two years with the intention of answering them).
I am adding your name to our Q & A list and another question may answer
yours. AND, I have answered over 6,000 questions at
http://www2.jurock.com/askexpert/expert.asp?aid=121&cid=63
<http://www2.jurock.com/askexpert/expert.asp?aid=121&cid=63> or
www.centa.com <http://www.centa.com> and you should be able to find your
answer by going there or more specifically, to
http://www.centa.com/search.htm
However, if you can not find your answer,
answers to this and other similar questions can be obtained free on Air on
the last Sunday morning of each month (Sunday Jan 29, 2006 is next).
On the last Sunday at 9:00 AM on 600AM in Vancouver, david ingram will be a
guest on Fred Snyder of Dundee Wealth Management's LIVE talk show called
"ITS YOUR MONEY"
Those outside of the Lower Mainland of British Columbia will be able to
listen on the internet at
www.600AM.com <http://www.600am.com/> (9:00 AM Los Angeles Time every
Sunday morning)
Call (604) 280-0600 to have your question answered. BC listeners can also
call 1-866-778-0600 free of charge.
Callers to the show and questioners on this board may also attend the
Vancouver Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
There are 17 different topics covered and every Thursday night is different.
They are presented by Fred Snyder at his office at 1764 West Seventh (the
Spence Diamond building at 7th and Burrard) in Vancouver. Call (604)
731-8900 to register and be sure to bring your spouse, significant other or
financial advisor.
I will be at the Thursday evening following my last Sunday appearance. I
will be at the Thursday, Feb 2nd 7 PM seminar to talk for a short time about
mortgage interest as a deduction.
And, of course, we are always here to prepare your US / Canadian and State
returns by emailed pdf files, snail mail, fax or courier.
-------------
What's Related