Canadian taxes on Canadian Condo owned by US resident


I spoke to you on the phone, and thank you for the information. If I were to buy a condo(let's say $200,000.), how much do I have to pay for property tax each year for non-resident and what is the % of tax on the profit after the sale of the property in Canada? Can I have any tax break over this mortgage interest if my income is over 150,000 a year in US?

Thank you.

david ingram replies:

The property tax could could vary from $1,000 to $10,000 depending upon the city and province. I will not look up any specific for you.

The percentage of capital gains also varies from about 23% at less than $35,000 to 47% on over $115,000 of 50% of the profit and again varies with each province just as it varies with each state in the US.

If I suggested that the Canadian mortgage interest and taxes were $11,500, at $140,000, there is no change, at $150,000 there is about $300 change and at $170,000 there is about an $800.00 deduction.


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