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Originally Posted by lightworker888
Brought this up on the newcomer thread and then realized that it really would best be answered here by those with experience here.
We are closing on a CYV at the end of March and wondered if other Canadian purchasers could tell us about what needs to be reported to whom in the way of paying taxes. Do you report to both countries and pay to both? If you rent out, do you include expenses and to which country,or both? Thanks for any info.
LW888
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We are Canadians who purchased in 2007. If you have investment income here in the US,, you need to include it on your Canadian federal tax form, since we are considered aliens in the US. The US Banks all have "non citizen" forms they file with the US government.
You also have to file a 8840 Form every year to the US Government called "Closer Connection Exception Statement for Aliens". YES, WE ARE ALIENS ACCORDING TO THE US GOVERNMENT.
Even though we own homes in the US, pay property taxes year round in the US, provide our own medical coverage, and would like to stay longer, the US government will only allow us to stay in the US for 182 days in any calendar year.
