February in Saskatchewan is cold. Very cold. So cold that any sane person would start dreaming about beach houses, and palm trees. This is why it seems like half our population flies south with the birds to warmer climates. But this year posed some challenges to our typical migration pattern. As a result, many Canadians are looking at alternative ways to utilize their vacation property. But do they truly understand the tax consequences of this decision? Join me and my guest, Steven Flynn, as we break down the general rules for a Canadian owning US property (10:00), and the additional considerations to keep in mind if you are deciding to rent out or sell your property this year (20:40). In addition, Steven touches on the death/estate tax implications of owning US property when you die (25:00). Finally, he tells a funny story about what lengths Canadians go to during the COVID-19 pandemic to complete the sale of their US properties (35:40). As an added bonus, although Steven currently lives in Vancouver, he was born and raised in Regina, Saskatchewan, and graduated from the University of Saskatchewan - so he gets it. The cold I mean. And cross-border tax.

RESOURCES DISCUSSED ON THE EPISODE

Freakanomics Radio Podcast - https://freakonomics.com/about/where-to-listen-to-the-podcast/
The Daily - New York Times - https://www.nytimes.com/column/the-daily
Bloomberg - Talking Tax Podcast - https://pro.bloombergtax.com/talking-tax-podcast/
Alec Baldwin - Here’s the Thing Podcast - https://www.wnycstudios.org/podcasts/heresthething

MORE FROM STEVEN

Website (and Blog): https://www.andersentax.ca/professionals/steven-flynn-cpa-ca-cpa-washington/
LinkedIn: https://www.linkedin.com/in/steven-flynn-cpa-ca-cpa-wash-4143374/
Twitter: https://twitter.com/AndersenTax_CA
YouTube: https://www.youtube.com/channel/UCUZqqfsjWw0UHVGnsuzkJwg

MORE FROM AMANDA

The Tax Chick Blog - https://taxchickca.wordpress.com;
Connect with me by email: thetaxchickpodcast@gmail.com
LinkedIn: https://www.linkedin.com/in/amanda-doucette-tep-83a9ab51/
Instagram: @tax.chick

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