Why Canadians Are Selling Their Florida Homes
According to a recent Moneywise article, many Canadians are choosing to sell their U.S. homes due to:
- Higher property taxes and insurance premiums
- Weaker Canadian dollar impacting travel and ownership costs
- U.S. political shifts and proposed new travel restrictions
- Post-pandemic lifestyle changes and reduced travel frequency
How to Sell Your Florida Property as a Canadian
1. Understand FIRPTA (Foreign Investment in Real Property Tax Act)
When a foreign person sells U.S. real estate, the IRS requires 15% of the sale price to be withheld under FIRPTA. However, if the sale price is under $300,000 and the buyer plans to live in the home, this may be exempt.
2. File U.S. Taxes
You’ll need to file a U.S. federal tax return to report the sale and claim any potential refund on the FIRPTA withholding. A tax professional experienced with cross-border transactions can help reduce your tax liability.
3. Repatriate the Funds
Once taxes are settled, you can transfer the net proceeds to your Canadian bank account. Make sure to compare exchange rates and use a currency exchange service to optimize returns.
How to Rent Out Your Florida Property
1. IRS Requirements
If you rent out your U.S. property for more than 14 days in a year, you must report that income to the IRS. Without proper documentation, a 30% withholding tax applies to gross income. To reduce this, file Form W-8ECI and elect to be taxed on net income (after expenses).
2. Florida State Taxes
Florida requires owners of vacation rentals to collect and remit state and local lodging taxes. Register with the Florida Department of Revenue to stay compliant.
3. Report Rental Income in Canada
Don’t forget—you must also report U.S. rental income on your Canadian tax return. Fortunately, the Canada-U.S. Tax Treaty allows you to claim foreign tax credits to avoid double taxation.
Meet Pink Miami: Your Canadian-Friendly Real Estate Experts
Pink Miami is a full-service real estate brokerage that specializes in helping Canadians buy, sell, rent, and manage property in Miami and across South Florida. Our bilingual team understands the unique needs of Canadian snowbirds, investors, and families—whether you're exiting the market or just getting started.
- Thinking of selling? We help Canadians list, market, and negotiate top-dollar deals for their Florida homes—while staying compliant with FIRPTA and tax laws.
- Prefer to rent instead? Let us handle tenant placement, short-term rental compliance, and property management while you enjoy hassle-free income.
- Buying or reinvesting? We source condos and homes in the best Miami neighborhoods with strong appreciation and rental demand—perfect for Canadian investors.
Our team is based in Miami, but we work directly with clients across Canada every day. We’ll guide you through every step of the process, from paperwork to property tours to cross-border tax planning.
Tips for Canadian Owners in 2025
- Work with experienced professionals: Find a real estate agent and tax advisor who understand cross-border real estate deals.
- Stay ahead of market trends: Miami remains a strong rental market, but competition is growing. Use data to price smartly.
- Evaluate the timing: Spring and early summer are ideal seasons to list your home for sale or rent to snowbirds.
Start Your Next Move with Pink Miami
If you're a Canadian thinking of selling, renting, or reinvesting in Miami real estate, you're in the right place. Let the Pink Miami team simplify the process and maximize your returns. We’re your trusted local partner—with cross-border experience you can count on.
Contact us today for a free consultation. We’d love to help you make your next move in Florida with confidence.
Disclaimer: This blog is for informational purposes only and does not constitute legal or financial advice. Please consult licensed professionals for your specific situation.