Snowbirds have many good reasons for wanting to purchase property in Arizona, to escape North America’s cold northern climate in the winter. So much so, that a small area of Maricopa has self described itself as “Little Canada.” However purchasing a foreign-property can still seem pretty intimidating to Canadians. Finding the answers to all your questions may seem overwhelming, but it can be done.
A very valuable Canadian resource in the Pinal County, Maricopa, Casa Grande, Province, Rancho El Dorado, Thunder Bird Farms and Hidden Valley areas is Mary Ann Toohey, of Maricopa Real Estate. She is not only a real estate agent, but a former Canadian, avid horse person and past Canadian Finals Rodeo Qualifier. For many of today’s top rodeo contestants and performance horse enthusiasts, Toohey has helped them to make their Arizona dream a reality. On her website you will find homes for sale, information for sellers and community links and info, for the Maricopa and Casa Grande areas. If you are in the market for a winter escape, Toohey has a wide variety of listings to suit almost any price bracket.
Canadians have unique questions for realtors. After several decades working within the Arizona real estate business, Toohey’s most common concerns from Canadians include:
How do I get financed? Both American and Canadian lenders do have financing packages for Canadians looking to buy homes in the U.S. Your down payment and lending terms vary according to which institution you choose, income levels and the purpose of your purchase. There are lots of options available, you just need to chose what you can afford.
How am I taxed as a Canadian, if I decide to sell my property? Any income you earn in the United States has to be reported to both the U.S. and Canadian governments, including selling your Arizona property. At that time you will need an Individual Taxpayer Identification Number (ITIN). This is a nine digit numbered issued by the Internal Revenue Service, to those who do not qualify for a U.S. Social Security Number. Expect to be taxed by a percentage on profits made by both the U.S. and Canadian governments.
If you are seeking more important tips on purchasing property in the United States, check out the Jan./Feb. edition of the Western Horse Review and check out Toohey’s website for affordable horse properties for sale.