How is Canadian rental income taxed on US properties?

Whenever a Canadian collects a fee for us of property they own in the United States,even if it’s only one day, the Canadian has rental income. Any rental income received by Canadians on US owned property is taxable in both the United States and in Canada. Any tax paid in the US is used as a credit against the Canadian tax.

Rental income must be reported in the US ( where it was earned) and in Canada ( where the Candian has their residency and pay taxes on a world wide basis.)

Also, it is a good idea to check with both Canadian and US accountants and tax attorneys for the exact procedure and amount and timeline to file and pay the taxes

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November 30, 2011 - Posted by The Lori Bowers Group Paradise Properties | Uncategorized | Canadian investors, Canadian rental property taxes in La quinta, the lori bowers team

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