Dreaming of wintering down south? Before you take flight to a warm, sunny destination, take a cold, hard look at the rules regarding insurance, health care, foreign ownership and taxation with our subscribers' guide to the snowbird life.
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Buying foreign property
Renting is easier, but the vacationing wealthy prefer to buy
Determining whether to rent or buy a property is a major financial decision that, even for the well-heeled, isn’t to be taken lightly.
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For snowbirds, when is renting better than buying?
Renting a home away from home – as opposed to buying a property – is sometimes the better option for retirees looking to escape harsh Canadian winters.
Five things to consider before buying a snowbird property in the U.S.
Before you take a stake in U.S. real estate, here are five essential issues you should think about.
Insurance issues
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How to ensure your health care coverage on both sides of the border
Educate yourself on how U.S. tax rules, immigration issues and your Canadian permanent residency affect your health coverage.
Snowbirds: Don’t get caught without the right car insurance
Not knowing all the auto insurance rules ahead of time can result in harsh penalties.
Tax tips
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Spending too much time in the U.S. can trigger double tax
It pays to understand U.S. tax rules and the actions Canadians can take to avoid being taxed on worldwide income.
How to be a tax-smart snowbird with property in the U.S.
Transferring ownership of a U.S. property can be a real hassle for heirs, but there are several ways to avoid probate.
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Wealthy snowbirds, beware the tax liabilities of U.S. stocks
This little-known IRS rule may have some wealthy Canadians eventually owing taxes on their U.S. stocks.
‘Don’t mess with the IRS’ and four other useful tax tips for snowbirds
Snowbirds must grasp rules and regulations not only from Canada Revenue Agency but also the Internal Revenue Service. Here are five of the most common tax head-scratchers and concerns.
Top destinations
Pawel Gaul
From Hawaii to Florida, five hot-spots for well-to-do snowbirds
Retirees looking for upscale amenities, an active community and perhaps even adventure want more than the usual U.S. destinations.
Five out-of-the-way destinations for wealthy snowbirds
Luxury amenities, private beaches and championship golf courses are waiting in out-of-the way destinations throughout the Caribbean and Mexico.
Other considerations
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How snowbirds can avoid being plucked when they buy U.S. dollars
Don’t compound the pain of foreign exchange by paying the stiff markups charged by banks.
Seven ways to keep your financial house in order while you’re away
There are a number of things that can be done to minimize financial headaches while you’re soaking up the sunshine.
Dianne Nice