Many Canadians already own US real estate, and given the increasing strength of the US real estate market, many others are contemplating purchasing or selling US property. Investment in US real estate requires careful consideration of the distinct legal regimes in Canada and the US, which can complicate ownership of real estate across the border. Canadians who own US real estate, as well as those entering the US market, rely on Altro LLP to navigate US real estate transactions as well as cross border tax and estate planning issues.
Without proper planning, a Canadian with US real estate may encounter a host of legal issues during his or her lifetime or after he or she passes away. Our professionals analyze the facts specific to each client’s situation in order to recommend and implement a plan for holding title to US real estate.
In order to minimize personal liability and reduce tax consequences, our lawyers consider several factors when assisting clients.
The most advantageous way to hold title to US property depends, for example, on whether the real estate is a personal use or rental property. Many of our clients are also concerned about US laws such as the Foreign Investment in Real Property Tax Act, or FIRPTA. US estate tax and capital gains tax also play roles in determining how to hold title to and transfer US real estate.
Whether our clients already own or are buying or selling US property, we work closely with title companies, outside counsel and other professional advisers as required in order to meet clients’ cross border needs and ensure that transactions run smoothly.
We also help clients settle US estates of Canadians who pass away owning US real property.