Home Buying in Florida>Question Details

Gerry Sankar, Home Buyer in Canada, KY

What are the financial implication for a Canadian purchsing wintwr a home in Florida?

Asked by Gerry Sankar, Canada, KY Mon Jun 30, 2008

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Betsie Taber’s answer
Hey Gerry,

I too am Canadian and would love to help you too. Number one, you have to realize that our loonie will go a lot further than what it did just a few years ago. You do not have to be a resident to purchase here. You can even get financing if you go through a Canadian Bank. I highly recommend RBC as they represent the Royal Bank of Canada down here. I am one of their clients and love the way I can navigate between the 2 entities. All you have to know is that if you decide to sell, the IRS will withhold 10% of the sales price. But there are many ways of getting that deferred. If you are interested in purchasing something down here, let me know and I will put you in touch with competent individuals who cater to the needs of our fellow canadians.

0 votes Thank Flag Link Sun Jul 20, 2008
Hello Gerry,

Of course the weaking U.S. Dollar and the stronger Canadian Dollar will help in your buying power. As a fellow Canadian (Toronto), I remember the days when everything was reversed. Almost like it was a different world, but today it is to your advantage. Unless you are paying cash, all foreign buyers are required to put a 30% deposit unless you have residency. You still pay property taxes but you are not eligible to Homestead. Taxes are paid in arrears here in Florida and since you are not selling a property here, you shouldn't be concerned about the 10% of the selling price that is held back to cover taxes which are mailed out in November each year.
Web Reference: http://www.stelslels.com
0 votes Thank Flag Link Tue Jul 8, 2008
I have my home for sale near Fernandina Beach please check the website homesandland.com MLS 46277. This home is in excellent condition and priced well below purchased price. For more information call 904-261-4159.
0 votes Thank Flag Link Mon Jun 30, 2008

On the purchase of a property the only difference is a little more paper work. There is a significant implication for a foreign home owner when they sell their property in the US.

The government requires tha 10% of the sale price of the property be held back to cover US taxes.

Have you determined a Florida location? We would be happy to support you interests here.

Good luck,

The "Eckler Team"
0 votes Thank Flag Link Mon Jun 30, 2008
Just additional paperwork vs. non resident
0 votes Thank Flag Link Mon Jun 30, 2008
Hello Gerry,

the financial implications are very good right now. The Canadian dollar is holding very well vs. the US dollar, prices are very favorable especially with new home developers. Incentives are being offered in many places, and there is one outstanding financing program for foreign nationals available. Feel free to ask questions.

Neil G. Blair-Bennett
Alliance Realty Group
14090 Metropolis Avenue, Suite 206
Ft. Myers, FL 33912
Cell: (239) 645-3798
Office: (239) 274-6637
Fax: (239) 225-0086


0 votes Thank Flag Link Mon Jun 30, 2008
You pay money or finance the the purchase of the property. There will be annual property taxes and typically a monthly condominium association fee (if a Condo or HOA). Thats about it.

If you have serious concerns, consult with an attorney for additional information.
0 votes Thank Flag Link Mon Jun 30, 2008
You will be obligated to pay property taxes. Your property tax bill will be mailed to you each year. This may be paid in November with a discount rate, but in any case not later than March 31st. If you are thinking of purchasing a winter home in Southwest Florida, please feel free to contact me.

LLoyd Nichols
Right Choice Realty LLC
6360 Presidential Court, Suite 4
Fort Myers, FL 33919
cell: 239-810-2980
Fax: 239-463-4826
home office: 239-463-5217

Active Rain Blog: http://activerain.com/lloydn
Website: http://www.mlsouthwestfloridahomes.com
Website Blog: http://ftmyershomesandgardens.blogspot.com/
0 votes Thank Flag Link Mon Jun 30, 2008
Anyone can purchase a property in the US, what is your specific question?
0 votes Thank Flag Link Mon Jun 30, 2008
Hi Gerry,
What part of Florida are you interested in? I'm a Realtor in Redondo Beach, CA, but I can refer you to a great Realtor in South Florida.
Let me know if this helps.
0 votes Thank Flag Link Mon Jun 30, 2008
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