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My_question_is: Applicable to both US and Canada
Subject: US citizen marrying a Canadian, but property in both US and Ca
Expert: [email protected]
Date: Wednesday June 16, 2004
Time: 11:51 AM -0700
QUESTION:
I am marrying a woman from Quebec. I am planning on maintaining a US residence that we will use as a weekend home and then I plan to purchase a couple of properties in QC. Should the CA properties be purchased and held in my wife's name or does it matter.
______________________________________________________________________
david ingram replies:
I asume that you are from New York, Maine or Vermont.
I also assume that your new wife is sponsoring your entrance to Canada as a PR or Permanent resident and that you are "NOT" sponsoring her to the US as a resident alien.
And I assume that you will be working in Canada which is why the US property is a weekend hideaway.
In Canada, if these are investment properties, section 74.1 will tax them to the spouse who put up the money to buy the properties - no mattter whose name they are in.
For US purposes, you have to be careful that you do not give your wife more than $100,000 in one year because she is a non-resident alien. If you were to put more into her name in a single year, you could be liable for gift tax. (Form 709)
CANADA DOES NOT HAVE A JOINT TAX RETURN. Without proper organization of your affairs, mortgage interest is NOT deductible on a Canadian or Quebec provincial return.
To make your mortgage interest deductibel, you have to pay for your persoanl residence first and "then" borrow the money to make your investment.
This then becomes a "better" deduction than the mortgage interest dedcution inthe US because you get the investment interst expense as well as your standard deductions. In the US, you lose your standard deduction when you claim mortgage or investment interest.
I hope this helps. Your question could cause a 500 page book to be written in reply. You should likely buy an hour of my time with a phone consultation if you cannot find a Quebec consultant. Call (604) 980-0321 to arrange an appointment.
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However, that really does not matter.
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