Taxes Implications on Home Purchase

[thebeat4c 2]

Hey there,

 

I am orginally from Canada, and I am currently a green card holder here in the USA. I have the 10 year card. I would like to refinance my husband's home, and add my name to the loan. I am wondering if anyone knows if there would be taxes owing to the Canadian government if I purchase a home here. Any thoughts?

 

Thanks!

[Cryssiekins 976]

That's a good question!!  

 

I work in real estate here in NY and originally from Ontario.

 

I want to say no, only bc there are tax treaties between the US and Canada, but tax implications sometimes go over my head. 

[MissSarah 22]

I'm kind of wondering the same too. I never thought of it before. Now I'm scouring the internet trying to find an answer...lol. My husband and I bought a house here in the US last year, I only have my 2 year green card. I remember filling out paperwork because I am an LPR and not a citizen, but I was able to get on the deed and mortgage, no issues. I filed my exit return income tax in 2015 (for tax year 2014) and have had no issues at all. I think it might be different if you still had residential ties to Canada? 

[andy78 178]

Are you thinking that there could be a law in Canada that says that you have to pay some kind of a tax to the Canadian government if you buy a home in a foreign country?

 

Anyway, in the US you pay property tax on the house you buy. And it's not paid to the US government. You pay it to the local government (city, county, etc.) and it varies from one place to another.

 

[patriot10 11]

Income taxes are on income, not on purchases. Dont see why a purchase of a home should be taxable in country of origin. This is of course, assuming that the home is being purchased with white money ie money upon which due taxes have been paid as expected.

 

If you sell the home that you bought, and if it is at a profit, only then should any tax implications arise.