What snowbirds should know before buying down south
The Canadian population is becoming increasingly globalized, whether by reason of marriage, property ownership or otherwise. Because of this, Canadian assets are becoming more commonly held in foreign jurisdictions, causing legal complications, especially for estates.
Those dreaming of a tropical escape from the slush and ice of Canadian winters are looking South for a place to thaw out. In particular, current inexpensive housing prices in the United States has made it an attractive place for Canadians to buy real estate. Those in the market for snowbird condominiums or other properties south of the border need to buy what it is they can afford and can make them happy, without their estate plans at the forefront of their mind. However, it's important not to be naÃve in these cross-border property purchases, in order to ensure assets pass on in a meaningful way.
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