My question is: Applicable to both US and Canada
QUESTION: My wife and I are U.S. Citizens. We recently purchased a condo in
Montreal. The condo will remain vacant except for an occassional visit until
we intend to move in on a seasonal basis sometime by the end of this year.
We both will be fully retired with no foreseeable Canadian Income.
1. Are the property taxes and interest deductible in the US?
2. Are there any restrictions we face with our US Health Insurance? ie.Use
of Medicare and Blue Cross & Blue Shield without problems on both sides of
the border?
3. Do we qualify as seasonal residents, if we maintain a permanent address
in the US owned by our son? We plan to reside in Montreal no more than 5
months at any given time?
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david ingram replies:
Assuming that you have kept a home in the US you should qualify as a
seasonal visitor to Canada.
And if you are in Canada less than 180 (I know it is 183 officially) days a
year, neither Canada nor the province of Quebec is likely to try and tax
you.
1. The property taxes and any mortgage interest paid in Canada is deductible
on your US schedule A.
2. You may not start off with medical insurance problems but your US A and B
Social Security medical is NOT useable officially in Canada. I would assume
that your Blue Cross and Blue Shield are contingent upon the first part of a
bill being paid by Medicare. Go to any medical associations or plans you
belong to and get the answer in writing BEFORE you go to use it.
3. The address in the US is supposed to be a home ready for you to go and
sleep in tonight. A son's mailing address is not acceptable. Your home in
the US should NOT be smaller or worth less than your Montreal Home.
If your plan is to go to Montreal and stay there for five months, go visit
your son for a month and come back to Canada for five months, you may get
away with it for a while, but your income is absolutely taxable in Canada
under those circumstances and at the same time you will be in Canada
illegally.
-------------------------------------
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