A
- ACH [US federal]
- Automated Clearing House. US domestic batch electronic funds transfer system. Cheap (USD 0 to 3 per transfer), slow (1 to 3 business days). Does not handle cross-border transfers; wire transfers or specialized cross-border providers fill that gap.
→ Read the full guide - AHCIP [Canada provincial]
- Alberta Health Care Insurance Plan. Public health insurance program for Alberta residents. Out-of-province coverage is limited (typically up to USD 100 per day for hospital stays); private travel insurance is essential for snowbirds.
→ Read the full guide - ALTA Settlement Statement [Florida state]
- Standardized closing statement form published by the American Land Title Association, listing every credit and debit for buyer and seller at closing. Florida closings use the ALTA Settlement Statement or the federal Closing Disclosure depending on the loan type.
→ Read the full guide
B
- B-1 / B-2 Visa Status [US federal]
- US visitor admission category. B-1 covers business visits (negotiations, conferences), B-2 covers tourism, snowbird stays, medical treatment. Canadians enter automatically as B-2 at the land border, with up to six months admission per visit at CBP discretion.
→ Read the full guide
C
- Canada-US Tax Convention [Cross-border]
- Bilateral tax treaty between Canada and the United States (signed 1980, amended several times). Articles XIII (capital gains), XXIV (relief from double taxation), and XXIX-B (estate taxes) are the most relevant for Canadians with Florida property.
- CBP [US federal]
- US Customs and Border Protection. Federal agency that admits or refuses entry to non-citizens at US ports of entry (land, air, sea). The CBP officer determines the length of stay, not the visitor.
- CDD (Community Development District) [Florida state]
- Special-purpose local government in Florida that finances infrastructure for a planned community via a CDD bond. The bond debt is repaid through a non-ad valorem assessment on each property in the district, in addition to property tax.
- Centris [Canada provincial]
- Quebec real-estate listing platform operated by the Quebec Professional Association of Real Estate Brokers (QPAREB/APCIQ). It is the provincial-level analogue of Realtor.ca for the rest of Canada. Florida MLS systems are operated independently by regional Florida boards.
→ Read the full guide - Closing Disclosure [US federal]
- Five-page federal form (CFPB) given to the buyer at least three business days before closing, listing the final loan terms and closing costs. Required for federally-related mortgages under TRID.
- COA (Condominium Association) [Florida state]
- Mandatory association of unit owners in a Florida condominium, governed by Chapter 718 of the Florida Statutes. Collects monthly maintenance fees, manages common elements, and enforces declaration covenants.
- CRA [Canada federal]
- Canada Revenue Agency. Federal Canadian tax authority. Equivalent in role to the US IRS. Administers federal income tax, T1135 foreign property reporting, and the Canadian side of the Canada-US tax treaty.
D
- Doc Stamp Tax [Florida state]
- Florida documentary stamp tax on transfers of real property: USD 0.70 per USD 100 of consideration statewide (USD 0.60 in Miami-Dade for single-family). Paid at closing, typically by the seller in residential transactions but contractually negotiable.
→ Read the full guide - DSCR Loan (Debt Service Coverage Ratio) [US federal]
- Investor mortgage product underwritten on the property's rental cash flow rather than the borrower's personal income. Available to non-resident Canadians without US tax returns. Typical DSCR threshold: 1.0 to 1.25.
→ Read the full guide
E
- E-2 Visa [US federal]
- US treaty investor visa for nationals of treaty countries, allowing residence in the US to direct and manage a substantial investment in a US enterprise. Canada is not currently an E-2 treaty country; Canadians must access E-2 through second citizenship in an E-2 country.
- EB-5 Visa [US federal]
- US immigrant investor visa requiring a USD 800,000 to 1,050,000 investment in a US commercial enterprise that creates at least 10 jobs. Leads to a conditional green card, then permanent residence after two years if conditions are met.
- EMD (Earnest Money Deposit) [Florida state]
- Good-faith deposit a buyer puts up at contract signing in Florida, typically 1 to 3 percent of the purchase price. Held in escrow until closing or contract termination per the FAR/BAR contingencies.
→ Read the full guide - Escrow [Florida state]
- Holding of funds or documents by a neutral third party (typically the title company or attorney in Florida) until contractual conditions are met. The Quebec analogue for deposits is the courtier's fidéicommis account.
→ Read the full guide - ESTA [US federal]
- Electronic System for Travel Authorization. Pre-screening required for visitors from Visa Waiver Program countries entering the US by air or sea. Canadians do not need ESTA for US entry.
- Estate Tax (US federal) [US federal]
- US federal tax on the transfer of property at death. For non-resident aliens (including Canadians), applies only to US-situs assets above USD 60,000, at rates up to 40 percent. The Canada-US tax treaty provides relief via Article XXIX-B.
→ Read the full guide
F
- FAR/BAR Contract [Florida state]
- Standard Florida residential purchase contract jointly published by the Florida Association of Realtors and the Florida Bar. The default vehicle for resale transactions, with detailed contingency timelines.
→ Read the full guide - FATCA [US federal]
- Foreign Account Tax Compliance Act. US federal regime requiring foreign financial institutions to report US-person accounts to the IRS, and US tax residents to file Form 8938 alongside Form 1040 if foreign asset thresholds exceeded.
→ Read the full guide - FBAR (FinCEN Form 114) [US federal]
- Annual report of foreign bank and financial accounts required of US tax residents and citizens when aggregate foreign account balances exceed USD 10,000 at any time during the year. Filed with FinCEN, not the IRS.
→ Read the full guide - FIRPTA [US federal]
- Foreign Investment in Real Property Tax Act. Federal US law (IRC § 1445) requiring 15 percent withholding on the gross sale price when a non-resident alien sells US real estate, including a Canadian selling a Florida property. Tiered rates: 0 / 10 / 15 percent.
→ Read the full guide - Foreign Bank Mortgage (cross-border) [Cross-border]
- Mortgage from a Canadian bank's US arm (BMO Harris, TD Bank, RBC Bank) underwritten using Canadian credit history. Generally easier to obtain than a US Foreign National Loan for clients of the parent Canadian bank.
- Foreign National Loan [US federal]
- Mortgage product for non-resident foreign buyers, including Canadians, who do not have US credit history or US tax returns. Typical terms: 30 to 40 percent down payment, fixed or ARM rates 150 to 300 bps above US-resident rates.
→ Read the full guide - Form 1040-NR [US federal]
- US Nonresident Alien Income Tax Return. Filed by Canadians who have US-source income (rental, sale gain, US wages) to compute the actual US tax due and recover excess FIRPTA withholding.
- Form 8288 / 8288-A / 8288-B [US federal]
- IRS forms used in FIRPTA withholding. Form 8288 (buyer/withholding agent return), Form 8288-A (seller's copy of withholding), Form 8288-B (application for reduced withholding certificate before closing).
→ Read the full guide - Form 8840 (Closer Connection Statement) [US federal]
- IRS form filed by a non-resident alien who otherwise meets the Substantial Presence Test, to assert a closer connection to a foreign country (Canada). Filed annually by snowbirds who spend between 122 and 182 days in the US.
→ Read the full guide - Form W-7 (ITIN application) [US federal]
- IRS application for an Individual Taxpayer Identification Number (ITIN). Required for non-resident Canadians who must file a US tax return but cannot obtain a Social Security Number.
→ Read the full guide - Form W-8ECI [US federal]
- IRS form filed by a Canadian who has elected to treat US rental income as Effectively Connected Income (ECI) under IRC § 871(d). Given to the rental agent to stop the 30-percent gross withholding on rental income.
→ Read the full guide
G
- Gift Tax (US federal) [US federal]
- US federal tax on lifetime gifts of US-situs property. For non-resident aliens, applies to US real property gifts above USD 17,000 (2023 threshold) per recipient per year.
H
- HOA (Homeowners Association) [Florida state]
- Mandatory association of homeowners in a planned residential community (typically single-family or townhomes, not condominiums). Governed by Chapter 720 of the Florida Statutes. Collects dues, enforces deed restrictions.
- Homestead Exemption [Florida state]
- Florida property tax exemption (USD 50,000 off assessed value) plus the Save Our Homes cap (3 percent annual assessment growth ceiling). Reserved for permanent Florida residents only. Canadians who own a Florida property without US permanent residency are categorically ineligible.
- HVHZ (High Velocity Hurricane Zone) [Florida state]
- Florida Building Code designation for the southernmost coastal counties (Miami-Dade and Broward) subject to enhanced wind-load standards. Insurance and inspection requirements are materially higher in HVHZ.
I
- I-94 [US federal]
- US Customs and Border Protection arrival/departure record showing the date of entry, status (B-2, etc.), and admit-until date. Canadians receive an electronic I-94 at the land border; retrieving it online at i94.cbp.dhs.gov is essential for compliance evidence.
- Intangible Tax [Florida state]
- Florida one-time tax on new mortgages, USD 0.20 per USD 100 of mortgage amount. Payable at closing. Combined with the doc stamp tax on the deed (USD 0.70 per USD 100 of price), this forms a meaningful closing-cost item for financed Florida purchases.
→ Read the full guide - IRC (Internal Revenue Code) [US federal]
- Title 26 of the United States Code. The federal tax law. Frequently cited by section: IRC § 1445 (FIRPTA withholding), IRC § 871 (taxation of non-resident aliens), IRC § 121 (primary residence exclusion).
- IRS [US federal]
- Internal Revenue Service. Federal US tax authority. Equivalent in role to the Canadian CRA. Administers federal income tax, FIRPTA, FATCA, and issues all IRS forms cited in this glossary.
- ITIN [US federal]
- Individual Taxpayer Identification Number. Nine-digit IRS-issued number for non-residents who must file US taxes but cannot obtain a Social Security Number. Mandatory for Canadians who sell a Florida property (FIRPTA) or earn US rental income.
→ Read the full guide
M
- Millage Rate [Florida state]
- Florida property tax rate expressed in mills (USD 1 per USD 1,000 of taxable value). Total millage typically ranges 15 to 25 mills depending on county and special districts. Multiplied by assessed value (minus exemptions) to compute annual tax.
- MSP [Canada provincial]
- Medical Services Plan. Public health insurance for British Columbia residents. Coverage outside Canada is minimal; private travel insurance is mandatory for any extended trip.
→ Read the full guide
N
- NR4 [Canada federal]
- Canada Revenue Agency information slip issued to non-residents to report Canadian-source income paid to them (dividends, interest, royalties). Equivalent to IRS Form 1042-S for US-source income paid to non-residents.
O
- OACIQ [Canada provincial]
- Organisme d'autoréglementation du courtage immobilier du Québec, equivalent in scope to a Florida Real Estate Commission but with broader investor-protection mandate. Quebec real estate brokers are licensed by the OACIQ.
- OHIP [Canada provincial]
- Ontario Health Insurance Plan. Public health insurance for Ontario residents. As of January 1, 2020, Ontario no longer reimburses out-of-country medical expenses. Private travel insurance is essential for any travel outside Canada.
→ Read the full guide
P
- Probate (Florida) [Florida state]
- Florida court-supervised process for transferring legal title from a deceased person to heirs or beneficiaries. For a Canadian who dies owning Florida real estate, ancillary probate in Florida is typically required even if primary probate occurs in the home province.
→ Read the full guide
Q
- QDOT (Qualified Domestic Trust) [US federal]
- Special US trust that allows a non-US-citizen surviving spouse to defer the US estate tax that would otherwise apply on inheriting from a US-citizen spouse. Relevant to mixed-citizenship Canadian-American couples.
R
- RAMQ [Canada provincial]
- Régie de l'assurance maladie du Québec. Public health insurance for Quebec residents. Coverage outside Quebec is limited (typically up to CAD 100 per day for hospital stays in another country). Maintaining RAMQ requires being physically in Quebec at least 183 days per year.
→ Read the full guide
S
- Save Our Homes (SOH) [Florida state]
- Florida constitutional amendment (Article VII §4(d)) capping annual increase of assessed value at 3 percent or CPI, whichever is lower, on homestead-exempt properties. Does not apply to non-homestead properties (the 10-percent non-homestead cap applies instead).
- Section 1031 Like-Kind Exchange [US federal]
- IRC § 1031 deferral of capital gains tax on the exchange of like-kind investment real property. Available to non-resident Canadians on US-to-US exchanges (Florida property to another US property), with strict 45-day identification and 180-day completion deadlines.
→ Read the full guide - Section 121 Exclusion [US federal]
- IRC § 121 capital gain exclusion of up to USD 250,000 (USD 500,000 married filing jointly) on the sale of a primary residence used and owned for at least two of the five years before sale. Available to US tax residents only; Canadians who become US permanent residents may qualify.
- SPT (Substantial Presence Test) [US federal]
- IRS test that classifies a foreign national as a US tax resident if present in the US for 31 days in the current year and a weighted total of 183 days over the current and two preceding years (current 1x + prior year 1/3 + year before 1/6). Canadian snowbirds typically pass it after 122+ days per year.
→ Read the full guide - SSN (Social Security Number) [US federal]
- Nine-digit US identification number issued to US citizens, permanent residents, and authorized workers. Distinct from a Canadian SIN. Required for many US financial and tax functions. Canadians without US work authorization use an ITIN instead.
T
- T1135 [Canada federal]
- Canadian Foreign Income Verification Statement. Required for Canadian tax residents who own specified foreign property (including Florida real estate) with total cost basis above CAD 100,000. Filed with the T1 personal return.
→ Read the full guide - Title Insurance [Florida state]
- One-time insurance policy purchased at Florida closing that protects against defects in the chain of title (forged deeds, undisclosed liens, missing heirs). Lender's policy is mandatory for any mortgaged purchase; owner's policy is optional but standard.
→ Read the full guide - Travel Insurance (Snowbird) [Canada provincial]
- Private supplemental health insurance covering out-of-country medical costs, particularly the gap between provincial reimbursement (low) and US healthcare costs (high). Essential for Canadian snowbirds. Common terms: 90 to 212 days, stability clause for pre-existing conditions.
→ Read the full guide - TRID [US federal]
- TILA-RESPA Integrated Disclosure rule. Federal US regulation governing mortgage disclosures, requires the Loan Estimate within three business days of application and the Closing Disclosure at least three business days before closing.
U
- USCIS [US federal]
- United States Citizenship and Immigration Services. Federal agency that processes immigration applications (green cards, naturalization, work visas). Does not control border admission (that is CBP's role).
W
- Wire Transfer [Cross-border]
- Same-day or next-day electronic transfer of funds, typically used for closings, large purchases, or international transfers. Cost USD 25 to 65 per outbound wire. Required for Florida closing escrow funding.
→ Read the full guide