Brandon, MB · Member since 2017 · 5 posts · 0 votes
Hello BiggerPockets community , I am a Canadian looking at starting to do some investing in American Real Estate. My biggest drawback however is how do I get paid after the deal is all said and done ? Will the escrow or closing agent or attorney just wire the money to my Canadian bank account or do I need to run it through an LLC and then into Canadian bank account? hopefully this makes sense thanks in advance for your answers!
To answer your question; bringing funds back to Canada is a simple wire transfer process. Whoever is you PM can do this as you instruct.
As @Linda Labbe states there are a number of possibilities for how you set yourself up but they are very dependent on your personal situation and what you are trying to achieve. Do you want to take the hit of US $ -> CAD $ conversion each time or accumulate US $? Why are you bringing funds back? How much should you set aside for taxes? What kind of taxes will you be paying?
Having said that, you will eventually need to get together with a CA and Lawyer who BOTH have cross border expertise BEFORE you buy. There is a lot of mis-information on the NET and your objectives will impact what the right solution is for you.