Pros and Cons re Canadians purchasing in TV?
 

If there are any Canadians on the board who have purchased or are considering purchasing in TV I would be very interested in their opinions and the pros and cons. We are particularly interested in any info regarding the tax situation. Thanks to anyone who has info to share.

I'm not Canadian, (though my northern home is less than 10 miles from the border), but I have met a number of Canadians who own in TV. I've had many conversations about how things differ between Canadian and US citizens who own in TV, especially regarding things like health insurance and taxes.

I've heard many pros and only one con, and it's universal: Canadians would love to be allowed to reside here for more than six months of the year.

We are Canadians who own a home in TV. There are no "Cons" about purchasing in TV, only "Pros". It's the best decision we ever made.

I'm not sure what you are questioning about the tax situation. You will pay realty taxes in the USA 12 months a year. Of course you cannot be homesteaded as your primary residence is in Canada.

You can stay in the US 182 days in any calendar year. You will pay income tax in Canada, and that includes interest on US investments.

Thanks Barefoot
 

As you can see from the date of my first post, time has passed and we jumped in when we were down in Oct 09 and bought the place we were reniting 'cause we loved the lifestyle and the neighbours. We didn't close until we came down again in April and we are looking forward to coming back in October. The place is rented for Jan-Mar so we feel that we have our yearly costs covered and that made it a no brainer.

Haven't had any interest on our investment so don't think there is any tax until we sell, which we are hoping not to do for a long time!

Hopefully in Oct. we can get to Crispers to meet some of the TOTV crowd. It is fun to keep abreast of TV life from up here in Canada. We are in the process of relocating to Stratford ON this summer to be closer to our daughter and her family as well as the US border. It will cut out one overnight stay for us.

I think that ownership in TV is a real bargain for Canadians who want to vacation in Florida especially if they choose to rent out their place.

LW888