Tax implications for investing in Mexico

[Penny I.]

Hello Forum,

We bought a condo in Nuevo Vallarta, Mexico years ago and it has been a good source of rental income. We're thinking about making Mexico our base for investment and wondering what the tax implications are. Here in Canada, if we just keep investing, then we don't have to pay any taxes, until a profitable sale - so we're curious about how the rental income is treated there? Any advice or suggestions for who we might speak to? Thanks! Penny