If You’re a Canadian Who’s Planning to Cash Out a U.S. property, Here Are a Few Things to Be Aware of to Maximize Your Gains
By Adam Bennett, Consultant, Investors Group
Many Canadian entrepreneurs have wisely decided to invest in US real estate over the years. During the recession in 2008, many attractive properties became available in desirable locations, and with the Canadian dollar in a strong position at that time, these investments were difficult to pass up.
But today, Canadians are cashing out of their United States properties in increasing numbers according to CanadianForex, one of North America’s leading currency exchange groups. The reasons for the sell-offs are rising U.S. real estate prices and a weakening Canadian dollar. CanadianForex isn’t calling this a trend, as it may be nothing more than a blip – but if you are a Canadian thinking about retaining or selling a U.S. property, there’s a lot to consider. Here is a short list of important points:
These are only a few of the possibly-expensive complexities when you’re selling a U.S. property. That’s why it makes good sense to look to the advice of your legal, accounting, and other professional advisors before you put up that ‘For Sale’ sign.
Adam Bennett is a Consultant with Investors Group in Milton, Ontario offering financial services for the 6 areas of your financial life: Investments, Retirement, Mortgage, Estate Planning, Tax Planning, and Insurance. Contact Adam at [email protected] or 416-659-4405 to discuss your financial needs in complete confidence. NumbersWise is pleased to support Adam.
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