Expert: Dick Dennis - 8/10/2006

Question
I am a Canadian citizen but now residing in California, USA.  My husband (american citizen) and I would like to purchase a home in my hometown (Ontario Canada).  What is the process to do this?  Is it better to rent it out or use it as a 'vacation home'; what are the advantages/disadvantages?  What happens at tax time?  I've tried searching on the web but really don't know where to look.  If you can guide me to a useful website or answer my question, I'd really appreciate it.

Answer
There's a very knowledgeable Canadian real estate agent who operates in Toronto, actually a suburb of it. He is a very busy person, so I hope he can help you.

His name is Craig Proctor at www.craigproctor.com or call him at 905-830-9111.

You may use a home that you purchased in another country as your second or vacation home, but you really should consult with a US tax expert (tax attorney or CPA) to make sure you are doing all this correctly.

I do wish you well.

Dick Dennis               dixiedee13@aol.com