Comments on: Owning A Home In The US Vs Canada

By: JT Chandler

JT Chandler — Thu, 31 Aug 2006 04:07:14 +0000

Your facts are not correct. In the US, there is no capital gains as a individual tax filer if you have lived in the residence a minimun of two years out of five and your net gain is $250K or less and if you file jointly husband/wife the level increases to $500K tax free. Since the medium property price in the US falls well short of $300K this leaves a large majority of sellers in the no capital gains tax bracket. Plus we get the mortgage right off and on top of that we don’t have a socialised medical system and the US overall tax level is about half what Canadians pay. John you need to pack up and migrate here so you can buy that Enzo. Love you man…

By: Jon waraas

Jon waraas — Thu, 31 Aug 2006 03:43:11 +0000

I the US, if you live in a house for 2 years you are only taxed on 60%(I think) of the gain. So thats like 13,000 of the 100,000 gain. Only if you live in the house for 2 years or more. And its one year for raw land.

By: John Chow

John Chow — Thu, 31 Aug 2006 03:25:44 +0000

The Smith Manoeuvre is one way for average Canadians to turn their non deductible interest into deductible interest over time. I have a few other ways.

By: Investorial

Investorial — Thu, 31 Aug 2006 03:08:11 +0000

Let me guess, Smith Manoeuvre?? He’s also out in Western Canada so I think you must have heard of him right?