Newfoundland expatriate bought BC Real Estate and has

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HI there, My wife and I are both canadian but have been in the us since 1995 and we work down here on a tn visa.I  bought two rental properies in bc in 2003( FILED A NR6 FORM). I don,t have any income in Canada except rental.Could i refinance one of my rental properties to buy another one without tax implications.Will I need to file a joint us/cad tax return and how much would you charge to do this.. 
Thank you  
sXXXXXXX XXXXXXX
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david ingram replies:
If the properties are in both of your names, you will each have to file a Canadian Income Tax for your rental properties under Section 216(4) of  the Canadian Income tax Act.  The same figures then have to be converted to US dollars and put on a US 1040 Schedule E and your state return if you are not in one of the seven states with no tax return.
But what's a lad from (I guess Stephenville or Corner Brook or St John's area) doing buying rentals in BC?  Have covered almost all of Newfoundland a couple of times including the ferry to Quebec and Red Bay, Labrador.Loved L'Anse Aux Meadowes and loved Signal Hill and The Burien Peninsula. Wanted to buy on the water at Fortune.
To prepare your returns would likely be about $700 Canadian to file the two Canadian and US returns and the States.  Would be $100 or $150 more to set the rentals up for the first year.
Hope this helps
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
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[email protected]
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Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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