2015 Florida Real Estate Market Report

The Florida real estate market was deeply shaken when the U.S. housing bubble burst eight years ago. Today, recovery is evident across the state. This is welcome news for Canadian snowbirds looking to invest in Florida property either for personal use or investment purposes. Below, a historical overview of the Florida real estate market, predictions for the U.S. economy in 2015 and forecasts for five Florida real estate markets popular with snowbirds are presented. First, a look at the report’s highlights.

The Expatriation Trap

There is no doubt that US citizens living abroad are feeling the brunt of recent efforts to enforce tax rules around foreign assets and income. Unlike any other developed nation, the US continues to impose income tax filing requirements on its citizens, regardless of where in the world they make their homes.

For most Americans in Canada, tax compliance stateside has long been little more than an exercise in paperwork. High Canadian tax rates, combined with relatively generous rules around excluding foreign income and a Treaty-supported foreign tax credit regime, has meant that actually having to pay tax to the US was a rarity. This likely contributed to the situation that many find themselves in – US citizens resident in Canada for decades and have never filed returns in the US. Read the rest of this entry »

U.S. citizens must file U.S. income tax returns every year, as well as other information returns. Although they may not owe any tax to the Internal Revenue Service (“IRS”) due to foreign tax credits available under the Canada-U.S. Tax Treaty for tax paid to the Canada Revenue Agency, they still have to file. Read the rest of this entry »

Advisor.ca – How to own U.S. rental property

David A. Altro recently wrote an article which appeared on Advisor.ca and in the Advisor’s Edge magazine. In the article, David explains how Canadians can own U.S. rental property and the various considerations which are important to consider with a cross border investment. Click here to view the article online or scroll down to read and excerpt of the piece.

How to own U.S. rental property

Upcoming Radio Show: February 17, 2015

On Tuesday February 17 tune-in to CJAD 800AM at 7PM to hear David A. Altro and Matt C. Altro discuss cross border issues. During the show we will be answering caller questions, but you can submit your questions now and we will answer them on-air. There are multiple ways to submit a question for our next show:

Equality for Same Sex Couples in the United States and the Impact on Canadians

The start of 2015 came with some very exciting news for our neighbours down in the sunshine state. Florida has officially become the 36th State to recognize and allow same sex couples to marry.

This new development became official less than one week into 2015 when a federal judge’s stay on a ruling overturning the state’s ban on marriage equality expired.

This expiration deadline was being closely watched and as a result many marriage certificates were being handed out in counties around the State in advance of the official deadline. Read the rest of this entry »

Altro Levy News Summary for the Weeks of January 26 & February 2, 2015

Shlomi Steve Levy Featured in Le Magazine Snowbirds du Québec

Shlomi Steve Levy, Partner at Altro Levy LLP, was recently interviewed by the French magazine Le Magazine Snowbirds du Québec. In his interview he discusses many subjects related to Snowbirds and tax on US real estate for Canadians who own investment property cross border. Read the rest of this entry »