work in USA but planning to buy condo in Toronto and rent it out for passive income.

[nurseshaun]

Hi guys, just want to ask if its good idea to buy a condo unit in Toronto and rent it out then work and stay in the USA?

or just invest in USA instead?

I don't know yet if I want to retire in Canada or USA but I want to keep my Canadian citizenship.

 

[canuck78]

Hi guys, just want to ask if its good idea to buy a condo unit in Toronto and rent it out then work and stay in the USA?

or just invest in USA instead?

I don't know yet if I want to retire in Canada or USA but I want to keep my Canadian citizenship.

Not a real estate professional but not sure why anyone would think this if they did a bit of research. No it is not a good idea.

 

[nurseshaun]

Thanks for the insight, i just want to max out fhsa for me and my wife to save money from tax.

 

[canuck78]

Thanks for the insight, i just want to max out fhsa for me and my wife to save money from tax.

You would have to declare income/losses to US government even if you bought property abroad.

 

[Copingwithlife]

Hi guys, just want to ask if its good idea to buy a condo unit in Toronto and rent it out then work and stay in the USA?

or just invest in USA instead?

I don't know yet if I want to retire in Canada or USA but I want to keep my Canadian citizenship.

What does buying a condo have to do with keeping your Canadian citizenship?