So you’ve purchased your dream vacation property, maybe you have made some renovations to it and furnished it. You are ready to begin using it when something happens at work/family and you cannot use it as much as you had hoped. Being the prudent investor that you are you decide to rent the property to help offset some of your costs. You begin advertising the unit for rent on the Canada to Arizona website and you are swamped with requests to rent your place. What are the tax implications of this? Do you have to pay tax and file a tax return in the US? Are there withholding taxes that need to be considered and what expenses, if any, are deductible? Does this income have to be reported in Canada?
These are all great questions that should be asked and answered before you make the decision to rent your property. Our team is here to help with all your cross border tax questions!
Our cross border tax accountants for Canada to Florida are well equipped to handle these questions and many more! They are Canadian Chartered Professional Accountants and US Certified Public Accountants with offices in both Canada and Florida. They deal exclusively with cross border issues such as this. Please feel free to contact our team at anytime!
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Our cross border tax and accounting experts will answer any questions you have about taxation in Canada or the US.
