Many Canadians with money to spend are purchasing homes in the U.S. in order to take advantage of warm temperatures and low real estate prices. However, Moneyville.ca reports that Canadians need to be wary of buying south of the border.
Canadians have several things to consider when buying in America, or any other country. The big financial factor to think about is taxation. Spending more than 6 months in the U.S. per year means you'll have to file a U.S. tax return.
Even if the home isn't your primary residence, however, you'll still have to pay property taxes. The taxes change depending on the state the home is located in, and the rules vary. Florida, for example, has no property tax for residents, but steep penalties for non-residents (vacation homes). This is why many vacationers consider states like Nevada, California and Arizona.
Instead of buying in the U.S. and paying significant money for a second home, it may make more sense for Canadians to invest in a self storage unit. With affordable Toronto self storage rates available, buyers can get more space in Canada without worrying about paying taxes in America.
Jiffy Self Storage, a leader in Toronto storage solutions, is currently running a contest on their website for a free iPad 3. Visitors to the site simply need to match a few Canadian landmarks and they'll be entered to win the iPad or one of several other prizes.