I’m considering purchasing a multifamily property in the US and may need to spend time renovating it before renting. I’ve heard about issues snowbirds face at the border, and I’m concerned about potential problems when crossing back and forth. What should I be aware of?
It might be wise to consult a local attorney to help you establish a legal entity for the property. Owning it through an LLC could provide some protection, but be cautious about tax implications in Canada.
Avoid purchasing a property in the US with an LLC as a Canadian. The Canadian tax authority does not recognize LLCs, which could lead to tax complications. Consult an accountant familiar with both US and Canadian tax laws.
Many foreigners own US property without issues, but be careful how you present it at the border. If it’s seen as an ‘investment’ property, it could be interpreted as working in the US, which might lead to entry problems. A US immigration lawyer can provide guidance on this.
Why not invest in your own country instead?
Housing is an investment due to the devaluation of currencies, which is why some Canadians are looking to the US market.
Thank you for the advice! I appreciate the insights and will look into consulting a lawyer.