Tips For Canadians Buying Second Homes
1. CONSULT A TAX ADVISOR - whether it is a Ca (Canada) or a CPA, you need to know how purchasing a second home/condo will affect your tax situation. The tax implications could be devastating if you don't collect all the facts. An example of this would be if you are a Canadian looking to buy a vacation home, you need to know that you cannot be in the U.S. for more than 182 days per year. If you stay longer you will be required to pay taxes in both countries because you would be considered a "resident alien". OUCH!