It is a common belief that Canadian buyers of vacation homes in Florida pay higher property taxes than US citizens. This is not true.

All owners of second homes, whether US residents, Canadian nationals or other foreign nationals pay exactly the same property taxes. The only time there is a variation in property tax rates is when a home is used as a primary residence. In this case the owner can claim a modest homestead exemption.

Canadian owners of rental homes (but not of homes kept solely for their own use and not generating income) have to file a US income tax return each year. To do this, they have to be registered with the IRS and receive an ITIN (Individual Taxpayer Identification Number).

This ITIN is in the same format as a social security number. Just because an owner is required to file doesn't mean they will have any tax liability, though. Income tax allowances are sufficiently generous that few owners pay US taxes.

Now that the Canadian dollar buys so much more in the US, many of my recent buyers are Canadian, so if you want to work with a British-born agent who speaks your language, I'm your man!

Foreign Nationals have very few options for financing the purchase of a vacation home in the US. Fortunately for Canadian buyers, one notable exception is through the Royal Bank of Canada (RBC). RBC has been offering good rates and terms for Canadian buyers in Florida recently, including an option for paired bank accounts in US and Canadian dollars to make day to day management of the business easier and more cost-effective.

RBC offers great rates for Canadian buyers of homes in Central Florida. Financing is up to 70% of property value. No US credit score required, use Canadian credit, income and assets to qualify. No early payment penalty.

If you are a Canadian buyer of a short term rental home in the Central Florida area, talk to Chris Wyatt at RBC (email) to discuss your needs.

Christopher Wyatt
RBC Bank (USA), Mortgage Consultant
407-244-6002 Office
407-739-2265 Cell
775-429-7554 Fax
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