The Benefits of Buying in the Sunbelt

Blog by Shlomi Steve Levy

With winter just around the corner, many Canadians are dreaming about escaping to the U.S. sunbelt.

Luckily, according to BMO Bank of Montreal’s Annual Snowbird Outlook, U.S. vacation homes in popular snowbird destinations like Florida remain affordable compared to the housing prices we saw in 2006.

At the same time, as noted in a recent Financial Post article, snowbirds face a tough rental market. While the American economy has been recovering, many Americans have been renting homes instead of buying them. As a result, rental prices across the U.S. are increasing while the number of rental properties available for Canadian snowbirds is decreasing. Read the rest of this entry »

US Real Estate Transactions and the Perils of Post Occupancy

Blog by Jason S. Ansel

There are many Canadians buying real estate in the US and anyone who has made a purchase south of the border can attest to how different the process can be. One of the main differences, which we have discussed in previous publications, is that the US does not require you to have your own legal representative. In fact, it is likely that your realtor has gone as far as saying that you do not need to have a lawyer review your contract or assist in the closing of the transaction. While that is technically true, it is not something we recommended. Having proper counsel over the course of your US purchase or sale can be the difference between a smooth or bumpy transaction. Read the rest of this entry »

News Summary for the Week of November 3, 2014

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Over the past week, our team has noted interesting cross-border news stories and written blogs on current cross-border topics. We’ve shared these articles on our Twitter, Facebook and LinkedIn pages, but recap them for you here: Read the rest of this entry »

Cross Border Estate Planning: Gifting to US Resident Children

Blog by Heela Donsky

Canadian parents are no strangers to losing their kids to the US – some may leave Canada to study in the US never to return, while others are recruited by US companies and sponsored by them for immigration purposes.

Once becoming a US person, the child becomes subject to the dreaded US gift and estate tax regime. Click here for a review of these rules. While this may not have an immediate impact on a child whose assets are below the exemption amount of $5.34 million USD, the child may be impacted downstream once he or she has amassed some personal wealth and/or received an inheritance from mom/dad’s Canadian estate. Read the rest of this entry »

Shlomi Steve Levy Featured in Les Affaires on September 13, 2014

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Shlomi Steve Levy, Partner at Altro Levy LLP, was recently interviewed by writer Martin Jolicoeur from the French newspaper Les Affaires. In his interview many topics relating to Snowbirds and their cross border needs were explored, with a focus on cross border tax planning. The article can be viewed online by clicking here, and is also below in French. Read the rest of this entry »

CPA Magazine – Taxing challenge for US expats

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Jonah Z. Spiegelman and Matt C. Altro recently co-authored an article which appeared in the CPA Magazine’s August edition.

In the article, Jonah and Matt provide a review of the tax filing obligations for US citizens in Canada, plus notes on how US rules impact estate planning. Click here to view the article online or scroll down to read their article. Read the rest of this entry »

Advisor.ca – Investing in U.S. Property

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David A. Altro and Shlomi Steve Levy recently co-authored an article which appeared on Advisor.ca and is appeared in the September 2014 edition of Advisor’s Edge magazine.

In the article, David and Shlomi explain the considerations and opportunities that Canadians should keep front of mind if they are investing in US real estate and what they need to know about the Foreign Investment in Real Property Tax Act (FIRPTA). Click here to view the article online or scroll down to read an excerpt from the piece. Read the rest of this entry »

The Lawyers Weekly – Be aware of dual jurisdiction when buying in U.S.

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David A. Altro and Jason S. Ansel recently co-authored an article which appeared in The Lawyers Weekly in the October 10, 2014 edition.

In the article, David and Jason explain the primary issues that Canadians need to keep in mind when purchasing US property and what the key differences are between the Canadian and US legal practices surrounding real estate. Click here to view the article online or scroll down to read the piece. Read the rest of this entry »

News Summary for the Week of October 27, 2014

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Over the past week, our team has noted interesting cross-border news stories and written blogs on current cross-border topics. We’ve shared these articles on our Twitter, Facebook and LinkedIn pages, but recap them for you here: Read the rest of this entry »

Partners David A. Altro and Jonah Z. Spiegelman featured in The Globe and Mail

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David A. Altro and Jonah Z. Spiegleman’s book Americans in Canada – Smile the IRS is Watching You! has been excerpted in The Globe and Mail twice, most recently last week. The excerpt is a primer on filing U.S. income tax returns for American expats in Canada, who are obligated to file taxes with the IRS due to the U.S.’s citizenship-based taxation policy. In the excerpt published by the The Globe this summer, “U.S. expats in Canada, the IRS is eyeing your RRSPs”, David and Jonah deal with the cross-border tax consequences for Canadian-resident U.S. citizens who contribute to RRSPs. Both articles can be found below or by clicking the links above. Read the rest of this entry »