New legislation was passed known as the Prohibition on the Purchase of Residential Property by Non-Canadians. Relocation experts are predicting that this will have a significant effect on BVO transactions for Canadians who are relocating to the U.S. The main reason is that now there will be a limit on home purchases for Canadian-bound foreign nationals within the U.S.
The first and most crucial step when preparing to move overseas is to review your international relocation package provided by your employer carefully. See what relocation benefits your new company offers, then ask how to utilize each. Many international relocation service providers will help companies create unique benefits for each transferee. And in most cases, relocation benefits include home-buying programs that can help in a significant way, both process-wise and financially.
With that said, here are a few things to keep in mind when purchasing a home if you are relocating to the U.S. for work:
But what is an iBuyer? How does it work? Is it worth it for me to sell my home to one?
An iBuyer, in simple terms, is a real estate company that leverages technology to buy and sell homes in hopes of making a quicker sale than the traditional real estate process would. The main reason is that with iBuyers, people can buy and sell homes almost entirely online, and the buyer may never even step foot in the house before signing the dotted line.
Are companies responsible for immigration regulations if their employees live in a different country than the headquarters? For example, does it make a difference if the employee relocates independently or is asked to do so for a global assignment?
The IRS announced in early June 2022 that they raised the optional standard mileage rate for the final six months of 2022. As a result, when taxpayers file for this year, they can use the new rate to calculate the deductible costs associated with driving for work and other certain purposes.
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