Where the snowbirds fly - a chat on cross-border tax issues (with special guest, Steven Flynn, Andersen Tax LLP)

Are you a Canadian who owns property in the US? Because of the border restrictions in 2020, did you decide to rent out your US property this year, or maybe sell it? Do you know the tax consequences of your decision? Join me, and my special guest, Steven Flynn, as we discuss some hot topics in cross-border tax that impact Canadians.
February in Saskatchewan is cold.  Very cold.  So cold that any sane person would start dreaming about beach houses, and palm trees.  This is why it seems like half our population flies south with the birds to warmer climates.  But this year posed some challenges to our typical migration pattern.  As a result, many Canadians are looking at alternative ways to utilize their vacation property.  But do they truly understand the tax consequences of this decision?  Join me and my guest, Steven Flynn, as we break down the general rules for a Canadian owning US property (10:00), and the additional considerations to keep in mind if you are deciding to rent out or sell your property this year (20:40).  In addition, Steven touches on the death/estate tax implications of owning US property when you die (25:00).  Finally, he tells a funny story about what lengths Canadians go to during the COVID-19 pandemic to complete the sale of their US properties (35:40).  As an added bonus, although Steven currently lives in Vancouver, he was born and raised in Regina, Saskatchewan, and graduated from the University of Saskatchewan - so he gets it.  The cold I mean. And cross-border tax.


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