Each year hundreds of thousands of Canadians visit the U.S. to escape the Canadian winter. Who wants to shovel snow when it’s possible to take advantage of a warmer climate? So, many Canadians begin to think seriously about buying U.S. real estate. Canada and the U.S. have a long, open and friendly border; Canadians are not required to obtain a visa to enter the U.S. as a visitor. The two countries are allies and have similar cultural, social and entertainment interests and institutions, so much so that many Canadians feel at home in the U.S. Despite these similarities, there are some critical differences with respect to laws and accounting practices surrounding the ownership of property and the amount of time one spends in the U.S. Spending time in the U.S. and participating in financial transactions involves certain tax and legal responsibilities. Laws are constantly changing; it is a full-time job for professionals to keep abreast of these changes. Canada/U.S. or what is known as “cross-border” real estate, tax and estate planning is beneficial to Canadians who take the time to become aware of their options and responsibilities. And, most Canadian buyers of U.S. real estate are unaware of laws and compliance issues in the U.S. There are important tax and estate consequences which could cause punitive financial damage if not properly structured. Ignorance is not recognized as an excuse. Having practiced real estate for over 23 years, the author fields numerous enquiries from Canadian buyers interested in acquiring U.S. real estate. Most of the questions focus on how to find distressed properties, and financing and property management, which of course are important to understand. Very few prospective buyers raise questions about tax, residency, health care or estate planning issues – topics which are just as important. If these aspects are not properly attended to, substantial financial loss can result. This book outlines the need-to-know technical information along with options and issues that Canadian buyers need to review and consider in a working plan, and offers a step-by-step, objective-oriented system, invested with the expertise of cross-border tax specialists, estate attorneys, real estate and mortgage specialists, complete with checklists, forms and resources that the reader can use during their own personal process. The author is affiliated with a team of exceptional cross-border experts (legal, tax, mortgage, insurance, realtors) who are contributors to the book. Readers will literally be able to develop a plan they can customize to their goals and needs, as well as the assistance of veteran cross-border experts to facilitate their acquisition of U.S. real estate. The book will act as an educational resource as well as become an integral part of the Canadian buyer’s acquisition plan.
Book Details:
- Author: Kimberley Marr
- ISBN: 9781118300176
- Year Published: 2012
- Pages: 180
- BISAC: BUS054000, BUSINESS & ECONOMICS/Real Estate / General
About the Book and Topic:
Each year hundreds of thousands of Canadians visit the U.S. to escape the Canadian winter. Who wants to shovel snow when it’s possible to take advantage of a warmer climate? So, many Canadians begin to think seriously about buying U.S. real estate. Canada and the U.S. have a long, open and friendly border; Canadians are not required to obtain a visa to enter the U.S. as a visitor. The two countries are allies and have similar cultural, social and entertainment interests and institutions, so much so that many Canadians feel at home in the U.S. Despite these similarities, there are some critical differences with respect to laws and accounting practices surrounding the ownership of property and the amount of time one spends in the U.S. Spending time in the U.S. and participating in financial transactions involves certain tax and legal responsibilities. Laws are constantly changing; it is a full-time job for professionals to keep abreast of these changes. Canada/U.S. or what is known as “cross-border” real estate, tax and estate planning is beneficial to Canadians who take the time to become aware of their options and responsibilities. And, most Canadian buyers of U.S. real estate are unaware of laws and compliance issues in the U.S. There are important tax and estate consequences which could cause punitive financial damage if not properly structured. Ignorance is not recognized as an excuse. Having practiced real estate for over 23 years, the author fields numerous enquiries from Canadian buyers interested in acquiring U.S. real estate. Most of the questions focus on how to find distressed properties, and financing and property management, which of course are important to understand. Very few prospective buyers raise questions about tax, residency, health care or estate planning issues – topics which are just as important. If these aspects are not properly attended to, substantial financial loss can result. This book outlines the need-to-know technical information along with options and issues that Canadian buyers need to review and consider in a working plan, and offers a step-by-step, objective-oriented system, invested with the expertise of cross-border tax specialists, estate attorneys, real estate and mortgage specialists, complete with checklists, forms and resources that the reader can use during their own personal process. The author is affiliated with a team of exceptional cross-border experts (legal, tax, mortgage, insurance, realtors) who are contributors to the book. Readers will literally be able to develop a plan they can customize to their goals and needs, as well as the assistance of veteran cross-border experts to facilitate their acquisition of U.S. real estate. The book will act as an educational resource as well as become an integral part of the Canadian buyer’s acquisition plan.
Due to the depression of U.S. real estate values and rate of foreclosures, the U.S. market is attracting Canadian investors in historically high numbers The author has assembled a team of real estate professionals, Canadian and U.S. mortgage specialists, and tax and legal experts from the U.S. to ensure information is credible, accurate, and current The book offers a step-by-step proprietary program called the R.E.F. program (Real Estate Fundamentals) developed by the author to assist Canadians with the purchase of U.S. real estate Buyer beware applies when purchasing foreign real estate-this book reveals the common pitfalls Canadians need to avoid-many of which they do not even know exist. Includes U.S. tax minimization and estate-planning strategies for Canadian purchasers of U.S. real estate. Author is a keynote speaker, presenter and lecturer EXAMPLES FOR SALES REP: 1. Laws and regulations are different in the U.S. than in Canada regarding financing, tax, and estate planning. Canadians need to be educated by experts on these issues. 2. Canadian investors and Snowbirds need a process to follow to know they are taking all the right steps and are properly informed and understand the laws and rules. 3. Canadians need to understand residency rules and comply with relevant filings Failure to do so could mean the Canadian is considered a “resident” for tax purposes and the IRS can tax them on their worldwide income -and the level of tax is punitive.
About the Author
Kimberley Marr (Oakville, ON) is a licensed Real Estate Broker in both Canada and the U.S., with more than 23 years of experience serving Canadian buyers of real estate. She has brokered thousands of real estate transactions, helping buyers and sellers fulfill their real estate goals and dreams. Her awards include the coveted Chairman’s Award (top 1% of realtors) in Canada for Royal Lepage and an induction into the Re/Max Hall of Fame, and ranking in the top 100 realtors in North America and in the top 10 realtors in Canada for Re/Max during her career. Ms Marr has an in-depth understanding of and expertise in all aspects of residential real estate. Holding real estate broker’s licenses in both the US and Canada has armed her with the knowledge and facts to educate and assist Canadians in their goals and dreams of owning U.S. real estate.