D'Costa Financial Group
Maintenance - It is the dream of many to own a vacation property. If this property is in another country, it may prove to be expensive and inconvenient to keep the property maintained and repaired if it is several thousand kilometers away. Renters will expect repairs and upkeep to be done in a timely manner.
Capital Gains Taxes - If a property owner sells it while alive, it will be subject to both U. S. and Canadian capital gains tax. Canadian capital gains taxes will be due on death as well. There may be tax credits to offset this potential double taxation, but these taxes will still need to be paid.
Insurance - Depending on the location of the property, other types of insurance may be necessary, too, like termite insurance, something we don't even think about in Canada. Life insurance can be a cost effective way of taking care of any taxes due on death. And don't forget your out of country medical insurance when you're travelling.
Copyright © 2008 Life Letter. All rights reserved. For information purposes only and not intended to provide specific advice. Readers are advised to seek professional advice before making any financial decision based on any of the ideas presented in this article. This copyright information presented online is not to be copied, or clipped or republished for any reason. The publisher does not guarantee the accuracy and will not be held liable in any way for any error, or omission, or any financial decision
2
- It's up to you to know the consequences
Copyright 2011: D'Costa Financial Group. Canadian Term Insurance. All rights reserved.
5871 Highway 7 East, 3rd Floor
Markham, Ontario L3P 1A3
905-471-0572 | dfg@dfglife.com
