Sent: Wednesday, November 30, 2005 8:32 AM
To: taxman at centa.com
Subject: tax?
David,
I spoke to you on the phone, and thank you for the information.
If I were to buy a condo(let's say $200,000.), how much do I have
to pay for property tax each year for non-resident and what is
the % of tax on the profit after the sale of the property in
Canada? Can I have any tax break over this mortgage interest if
my income is over 150,000 a year in US?
Thank you.
SXXXXX
================================
david ingram replies:
The property tax could could vary from $1,000 to $10,000
depending upon the city and province. I will not look up any
specific for you.
The percentage of capital gains also varies from about 23% at
less than $35,000 to 47% on over $115,000 of 50% of the profit
and again varies with each province just as it varies with each
state in the US.
If I suggested that the Canadian mortgage interest and taxes were
$11,500, at $140,000, there is no change, at $150,000 there is
about $300 change and at $170,000 there is about an $800.00
deduction.
Answers to this and other similar questions can be obtained free
on Air by david ingram on the last Sunday of each month.
On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david
ingram will be a guest on Fred Snyder of Dundee Wealth Managers'
LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com
Call (604) 280-0600 to have your question answered. BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
------------------------------
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
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Disclaimer: This question has been answered without detailed
information or consultation and is to be regarded only as general
comment. Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
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duties are expressly denied. All readers should obtain formal
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