Tax Talk Podcast
A monthly podcast with a wide range of guests focused on helping Canadian small business owners make decisions surrounding incorporation, growing their business efficiently, and implementing successful succession, estate planning & tax planning strategies.
Tax Talk Podcast
Save on Taxes When Selling U.S. Property: For Canadians
If you’re selling a U.S. vacation home or rental as a Canadian, don’t let FIRPTA withholding, state taxes, and cross-border filings trap your cash for years.
In this Tax Talk episode, Jared talks with cross-border tax pro Steven Flynn about how Canadians can sell U.S. real estate the right way. That means minimizing withholding, avoiding double taxation, speeding up refunds, and sidestepping CRA headaches. From ITINs and state returns to foreign tax credits and forex gains, this is your practical roadmap to a clean exit.
What you’ll learn:
- FIRPTA explained: why buyers withhold up to 15% at closing and how/when it can be reduced
- How to calculate actual tax on the gain (not gross proceeds) on state and federal taxes
- Filing strategies that cut refund timelines from years to weeks
- ITIN essentials: why you need one, when to apply, and document pitfalls that cause delays
- How foreign tax credits work—and what proof CRA wants
- Filing order and calendars that help you avoid audit jams
- What to do if you haven’t reported prior U.S./Canadian rental income
Find us at:
https://www.legacyllp.ca/
reception@legacyllp.ca
Need to get in touch with Steven?
Steven Flynn
Andersen LLP
steven.flynn@ca.andersen.com
Timestamps
00:00 Kicking it off
01:32 Overview of the Foreign Investment and Real Property Tax Act (FIRPTA)
05:42 Other tax obligations as a Canadian owning an American property
11:56 Tax credit application processes & timelines
18:32 Common mistakes
21:41 What to look out for when buying a property in the US
23:48 Bonus tips
27:31 Wrapping it all up
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