Tax Tip Weekly – Taxes for Canadians selling property in the U.S

Selling Real Estate
Canadians are continuing to invest in the red hot real estate market. But what they don’t realize is the amount of taxes to be paid when the US situated property is eventually sold. In this video, I will cover the basic tax implications for Canadians selling US property

00:27 — A ten per cent withholding tax
0:50 — avoid paying the 10% withholding tax
01:50 — file Form 8288B
02:30 — Make sure you keep receipts
02:55 — complete Form W7
03:15 — US non-resident tax return Form 1040NR
03:30 — avoids paying double tax twice

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The information provided in this video is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. All figures and dollar amounts are used for example purposes only. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided in this video.

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