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More and more Canadians are purchasing U.S. real estate for personal and/or rental use so this is a very important topic to understand before the purchase is made.
The maximum federal claim for 2014 is $7,766 per adult dependant.
Over the summer, Knowledge Bureau will be taking an in depth look at the use of trusts in family wealth planning. An introduction to the topic begins the series.
What exactly do Canadians need to know about owning U.S. real estate?
For the 2013 and future tax years, CRA will be allowed to collect up to 50% of the taxes they think are owing as a result of your participation in the scheme, even if you decide to file a Notice of Objection.