Under the Foreign Investment in Real Property Tax Act ("FIRPTA"), a person or entity purchasing a U.S. real property interest from a foreign person is required to withhold ten percent (10%) of the amount realized upon sale (gross sale price) from a foreign owner such as a Canadian. I.R.C. § 1445 What that means, in effect, is [...]
This is the time of year when Canadians snowbirds who have been seeking refuge in the U.S. from the Canadian winters start counting the days.
“When did we leave Canada exactly? Was it November 15, honey? How many days have we been gone?”
The magic number is 182. If you are a Canadian and you spend more than your allotted amount of days in the U.S. per year, you may be subject to U.S. income tax on your worldwide income. Beware, Canada will still consider you a resident which may lead to double taxation on your annual income.
The Canadian Way: David Altro discusses new tax issues relating to Canadians owning US real estate. This article will look at the various tax and estate planning issues facing Canadians with special emphasis on the major impact of changes in the US estate tax rules under the US Internal Revenue Code (the Code) affecting Canadians. As [...]
· Brampton, Ontario – May 4, 2010 · Toronto, Ontario – May 5, 2010 Invited by Florida Homes Magazine, David A. Altro will be the guest speaker at their "Investing in Florida Real Estate and Beyond" seminar. The Brampton seminar will held on May 4, 2010 from 6:30pm-9pm at the: Lion Head Golf & Country Club [...]
Chaired by Altro & Associates own Chief Operating Officer Matthew Altro, Squash Crohn’s is a charity squash tournament benefiting Crohn’s and Colitis research. Back for it’s 3rd straight year, this year’s event will be held on Saturday, May 15 and will once again be taking place at Club CDL. For the second year in a row, [...]
As promised, here’s the second half of one of my favorite chapters of my book, Owning U.S. Property- The Canadian Way - Chapter 10: Selling Your U.S. Vacation Home. Click here to read Part 1. Chapter 10: Selling Your U.S. Vacation Home - Part 2 By David A. Altro. Declaring the Gain to Canada Revenue Agency [...]
David A. Altro was interviewed by Amanda Lang and Kevin O'Leary live on CBC's national talk show, David A. Altro Interviewed on The Lang and O'Leary ExchangeThe Lang and O'Leary Exchange, on Wednesday, December 14th, 2011. David discussed the demand for U.S. property by Canadians due to the market trends of low property prices and the [...]
Several things for non-residents to consider when buying property Download the article here (PDF) , or read it below. PAUL DELEAN The Gazette Monday, April 5, 2010 Real-estate purchases by non-residents and RRSP liquidations were among the topics raised in the latest batch of reader letters. Here's what they wanted to know. Q: My father (not [...]
Saskatoon, Saskatchewan - March 1, 2010 David and Matt were the featured speakers for Assante's high net worth clients during a lunch and learn seminar on cross border planning.
