Having a 2nd home or vacation home in Arizona has it’s benefits.
Many of our master planned communities are resort like, with swimming pools, golf courses, tennis, fitness trails and so much more!
Arizona also is home to the NFL’s Cardinals, NHL’s Coyotes, NBA’s Phoenix Suns, and the MLB’s Arizona Diamondbacks which have a fully air conditioned state of the art ball park at Chase Field!
FAQ’S
Q: What is the process for Canadians buying in Arizona?
A: The process is the same as if you were a local resident. Search for your perfect home and make an offer. Once your offer is accepted the title company will begin their work and you be able to inspect the property, this is known as the “escrow” process. If you find issues with the property during the inspections you may cancel your offer. Once the inspections are finished to your satisfaction, you are ready to fund the property and the title is yours. There are no extra foreign taxes or fees when purchasing in Arizona.
Q: May I lease out my residence when not in use?
A: Yes. Typically, if you own a fully furnished residence, it is likely that you will be able to lease it out on a monthly basis, or as allowed by the CCR’s of the community in which the residence is located. The peak rental season is usually from November through April.
Q: What are the tax implications for owning in the US?
A: Tax issues can only be answered by your accountant or CPA. Please consult them prior to making a residential purchase. This link, provided by Cam McIntosh, a Calgary-based accountant and tax advisor, may also be helpful: http://www.expatriate.com
HELPFUL LINKS
Canada
Canada Revenue Agency – Forms and information on Canadian federal taxes.
Provincial Tax Links – Links to all the Provincial Revenue websites.
United States
Internal Revenue Service – For forms and information US Taxes.
Tax Filing Requirements – which tax return do you file? In which country? When?
Severing Ties With Canada – make sure you are not taxed in both Canada & the U.S.!
The Canada/US Tax Treaty- learn what it is and how it works.
Taxation of Interest & Dividends - potential for double tax.
Taxation of Capital Gains - Which country taxes? Canada/US comparison.
Taxation of Pensions - company pensions, OAS, CPP/QPP.
Social Security Number - or Individual Taxpayer Identification Number, why you might need one.
Taxation of Rental Properties - a paperwork nightmare how to apply.
Foreign Tax Credit Planning - your ticket to avoiding double taxation.
Key Differences - Canada/US comparison of tax brackets, deductions, and so on.
