Florida is one of the states of the Sun Belt region of the USA. From Florida to California, this Sun Belt region is stretched across the Southern and South-western part of the country. With the $1.0 trillion economy, Florida is the 4th largest developed state in the USA. Hence, domestic and international investors prefer to invest in Orlando, the city which is the center of the Orlando Metropolitan Area and is located in Central Florida.
Orlando is an industrially developed city. Here, you can find the units and offices of around 150 Multinational Companies. Since the last few decades, the city has progressed rapidly in sectors like IT, Agriculture Technology, Media, Aviation, Aerospace, and Restaurant, among others. As foreign investors prefer these sectors to expand their businesses, there are a lot of non-resident tax issues that need to be resolved by efficient tax consulting service providers.
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Why do Canadian Snowbirds look for rental properties in Orlando?
During winter, Canada goes under the carpet of snow. Though many Canadian Snowbirds try to escape the winter and settle in the US Sunbelt, cities like Orlando can’t make their lives sweet if proper tax filing methods aren’t adopted. They try to own rental properties to escape the harsh winter every year.
Some Canadian Snowbirds look to own commercial rental properties so that they can expand their businesses while enjoying their temporary vacations in Orlando. To pass inheritance, they take the services of some efficient Tax and Licence Service Providers.
Facilities of corporations
With Canada being a neighbor of the USA and a fast-developing economy, a lot of Canadians own different corporations in Orlando. These corporations can be easily inherited because after the death of the shareholders, its resources and liabilities would pass to the beneficiaries. However, only non-rented commercial corporations can get tax benefits.
Rates and other facts
In Orlando and other parts of Florida, you need to pay a sales tax of 5.5% on the total renting or leasing charges. A sales tax of 5.5% must also be paid for the license of a commercial rental property. As a tenant, you need to pay rental charges and charges for offered services to your landlord following the rental or lease agreement.
At The Accounting & Tax, we inform our Canadian clients about US non-residents tax filing requirements. If you own any rental property in Orlando, then we will help you get the required licenses and tax benefits. You can contact us to attend our consulting sessions to know about various rules and regulations of the US Government which you should follow to handle your passport and visas. We will also suggest regarding how you should travel to the US and reach Orlando following the easiest terms and conditions.