Canadians eager to sell U.S. properties, Arizona real estate agent says
'It's just too good of an opportunity to pass up,' former Winnipegger Diane Olson says
"My clients, when they call me, they're ready to sell. It's just too good of an opportunity to pass up," she said.
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While exchange rates and appreciation offer a substantial incentive to Canadians, Olson said, the cost of living in places like Arizona is also pushing Canadians to pick up and leave.
"Airfares have gone up.… Golf, for example, everybody used to get great deals. Golf now has gone up significantly," said Olson.
Taxes take bite out of home sales
While there's revenue to be made for Canadians selling their American sun vacation homes, they are still subject to U.S. taxes.
"If you're making money, the government definitely wants to capitalize on that," said Olson.
Canadian sellers have to pay federal, state and capital gains taxes on property sold in the U.S. under their name, said Olson. They also may have to pay some additional Canadian taxes, if U.S. tax rates are lower than in Canada.
She recommends Canadian sellers consult an accountant with expertise in cross-border transactions.