Many Quebecers dream of spending some of their retirement in Florida. To prevent this dream from turning into a nightmare, you need to know what to expect tax-wise, especially if you acquired some property there.
Your first step is to consult a U.S. tax specialist.
Mylène Tétreault, Senior Manager, U.S. Tax, reiterates the importance of having a clear understanding of the U.S. resident tax principle. Established at 183 days over three years, this principle follows the following cumulative calculation rule: 100% of the days for the current year; the number of days multiplied by a one-third for the previous year; and the number of days multiplied by a sixth for the prior year.
For more information on the tax issues relating to owning property in the United States, read the article published in Magazine Prestige on September 28, 2018.
If you’d still like to go ahead and purchase a property in the U.S., call on the services of our tax specialists who are well versed in the tax laws applicable to the United States and abroad!
12 Oct 2018 | Written by :