Travel, Wealth

Snowbirds Tax

It’s that time of year. And snowbirds are preparing for their annual migration south. There are more than two million of them, and the good news is that our soaring loonie means they’ll finally be freed from finacially draining exchange rates. Many will be able to stay longer and spend more. Some will want to rack up savings buying big ticket items.

If you’re in that position, make sure you check out the rules and duties on bringing things back. And if you’re tempted to buy property, learn about the tax situation. In Florida, visitors have to pay more property tax than permanent residents, and that could outweigh any savings they’d make on the dollar. Another tip: exchanging money in Canada can give you a better deal, since some places in the U.S. are still not offering favourable rates.

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