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Articles

PLANNING STRATEGIES FOR YOUR COTTAGE OR VACATION PROPERTY

The following tax planning strategies may help you achieve savings in the amount of capital gains tax that would otherwise be payable when you sell or transfer the ownership of your vacation home:

Make optimum use of the principal residence exemption.
Shift the future growth in the value of your vacation property, by:

a direct transfer of ownership [...]

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STRATEGIES FOR REDUCING U.S. ESTATE TAX ON YOUR U.S. ASSETS

It is important to contact your tax advisor to determine your exposure to U.S. estate tax and to evaluate potential planning alternatives.
Joint Ownership of Property with Spouse or Family Members
When property is jointly held, the U.S. federal estate tax applies to the total fair market value of the property, except to the extent your estate [...]

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RENTAL INCOME FROM U.S. REAL ESTATE

You may be renting out your U.S. property on a part-time or full-time basis. As a non-resident alien, you are subject to U.S. income tax on the rental income.
Tax on Gross Rental Income
Subject to the next section entitled “Net Election on Rental Income,” the gross rents you receive are subject to a 30 percent withholding [...]

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YOUR PRIMARY TAX PLANNING GOALS

The primary tax planning objectives that should be an integral part of your estate planning are:
Tax Deferral
It makes sense to defer (postpone) capital gains taxation for as many years as possible, by taking advantage of any rollovers that are available, such as the spousal rollover, or the farm property rollover.
Minimize Taxes Arising on Death
You should [...]

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SPECIAL TAX RULES APPLICABLE TO DECEASED TAXPAYERS

Employment Income up to the Date of Death
Income from salary or wages from January 1st up to the date of death must be reported in the deceased’s final income tax return. This includes any accrued employment income as well as vacation pay that may be owing to the deceased’s estate or beneficiaries.
Pension Benefits
Pension income received [...]

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TAX IMPLICATIONS OF RENTING U.S. PROPERTY

Many Canadians own U.S. recreational property near border states. Retired Canadians who are seasonal residents of the U.S., or “Snowbirds” frequently own property in the U.S.
If either of the above situations applies to you, you may be renting out your U.S. property on a part-time or full-time basis when you are not using it. If [...]

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TAX IMPLICATIONS OF OWNING RECREATIONAL PROPERTY

Are you interested in buying recreational property in the near future? For example, a cottage, cabin, or chalet – maybe own it outright, or jointly buy the property with family, relatives or friends? Maybe you want to buy an apartment or townhouse condo in a resort or recreational community – and own it outright, or [...]

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CROSS-BORDER TAX IMPLICATIONS

Tax issues can be very confusing to many Canadians. When you also live in the United States part-time and own property or other investments there, it can become quite complex. That is because you can be affected by the tax laws of both countries. In the United States, for example, you could be liable under [...]

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