My wife and I are currently selling a business we have in Ontario and are hoping to take some of the capital we get from the business and investing it in rental property in MI or NY.
We currently don't have any other rental property and we are looking for advice regarding Foreign Accrual Property Income (FAPI). From what I've read there are many different opinions on the best way to setup our legal structure to avoid double taxation with the IRS and CRA.
Looking forward to reading a lot on these boards and getting started.
Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
7y
Legal structure depends on your goals. Long term short term, money is staying there or cash flow coming back. PM me and I can refer you cross boarder specialists. We are eligible for foreign tax credits when structured properly.
I own property in New York and previously owned in Michigan.
Dig deeper into landlord tenant laws before choosing a market. Ontario is the worst so it will only get better.