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question:
If I buy a property in BC as a US citizen, may I rent it out? Eventually would plan to move to the property when job was lined up.
cheers
JXXXXXXXXXXXX
seattle
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david ingram replies.
Not a bad idea. Christine Louw of ReMAX Realty - http://www.christinelouw.com/ - can help you find the perfect house.
Before you rent it out you need a Canadian Resident to take on teh roll of "Tax Agent" by signing a form NR6 for you. I can do that for you for a fee. You will find the forma and the responsibilities at:
http://www.ccra-adrc.gc.ca/E/pbg/tf/nr6/nr6-00e.pdf
After that, you will need to file a Canadian return under Section 216(4) to report the rental income. The same figures and a different depreciation figure are then entered on Schedule E of your US 1040. If you made a profit and paid tax to Canada, you will claimn the tax credit on your US return on schedule 1116.
Good luck on your endeavours.
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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Be ALERT, the world needs more "lerts"
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