QUESTION:
How do I handle my real estate taxes if I am Canadian citizen (nonresident) working the USA with a rental property in Canada?
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david ingram replies:
CANADA
You should have filed an NR-6 first before the first month's rent. Then your agent should have filed a NR-4 Supplementary for the rent and any tax deducted by March 31, 2007 for the 2006 year.
Then you must file a Canadian Rental return with a T776 under Section 216(4) for 2006 by June 30th.
USA
Then you convert the figures on the T776 to US figures and put them on US forms Schedule E and 4562. If there was any income tax paid to Canada, you use US form 1116 to claim that credit on your 1040.
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CEN-TA Cross Border Services - Tax, Visas, Immigration
http://www.centa.com/article.php/20070412151912533