5 Things Canadians Need to Know About Buying U.S. Real Estate Watch Video

Allan Madan, CPA, CA
 Apr 16, 2012

Allan Madan is a tax expert and a cross border tax accountant Toronto, Ontario, Canada, Read More…


The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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Comments 9

  1. Definitely consider that which you said. Your favourite reason
    seemed to be on the internet the simplest thing to be aware of.
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    Google aftеr I еntered in, “5 Things Canadians Need to Know About Buying US Real Estate | Canadian Tax Accounting Blog” οr somеthing similаr (сan’t quite remember exactly). In any case, I’m rеlieved I fοund it bеcause your сοntent is exасtly what I’m searching for (writing a college paper) and I hope you don’t minԁ if I сollеct some mаterial fгоm here and
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    1. Thank you for your interest.

      You may use the information as a citation in your paper. You may not reproduce, sell, or publish this information.

      Thank you !

  3. I bought a US property using a LLC. I want to transfer ownership of the property to a LLLP. What should I do?

    Thanks you.

    1. Hi Rona,

      Thank you for your question. What you would need to do is to convert the LLC into a LLLP. This is a complex procedure and it depends on which state you’ve established your LLC. The exact process depends on your circumstances. Therefore, you should definitely consult a tax professional to discuss in more detail.

      Please do not hesitate to contact me.

      – Allan
      (905) 268-0150

    1. Hi Caron,

      Americans living outside of Canada who are behind in filing their US tax returns can catch-up with their tax filings through the “Streamlined Process.” To qualify for the streamlined process, you must meet the following criteria:

      1) You are low compliance risk (this means that your tax situation is not complicated)
      2) You have lived outside of the United States since January 1, 2009
      3) You ave not filed a US tax return since January 1, 2009

      Pursuant to the Streamlined Process, you must file the following returns:
      a) US personal tax returns for the previous 3 years, plus the current year
      b) Report of Foreign Bank & Financial Accounts for the previous 6 years, plus the current year

      Please contact me if you would like to discuss this matter further.


      Allan Madan, CPA, CA & Team

  4. Excellent information. I do have one question .
    Proposed structure is LLLP in US, General partner in LLLP is a Canadian Corp. LLLP Partners s are 2 investors in Canada. Rental income will be issued directly to LLLP partners. So.. If the startup capital is from a Home equity LOC, can the interest on the HELOC be deducted from personal income tax ( of Limited Partners) as it would for a Canadian investment ? Of course we’d like to save taxes and offset any borrowing costs anyway we can … wouldn’t everyone 🙂


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