RELOCATIONS FROM CANADA TO U.S. - Online Continuing Education Credits

Participant Information

1*

There are many types of home sale programs being used by corporations and relocation management companies. The following programs are taxable transactions under the IRS rules.   a) Marketing Assistance   b) Direct Reimbursement   c) Lump Sum Program   d) Assigned Sale Program

2*

The traditional Canada Assigned Sale and Guarantee Home Sale Programs are compliant with the 11 key elements and are non-taxable under IRS rules.

3*

There are 11 key elements to an Amended Value Program

4*

In the Amended Value Program, the List Agreement signed by the employee must include a separate exclusion clause.  Document must be attached and form part of the Agreement stating that the Agreement is terminated upon the sale of the home to the Relocation Company.

5*

In the Amended Value Program, the employee can accept a down payment or deposit from a Buyer

6*

In the Amended Value Program, the employee can sign and accept offers from any potential buyers

7*

In the Amended Value Program, the sale of the employee's property to the Relocation Company must be a separate transaction.

8*

In the Amended Value Program, when the employee sells their property to the Relocation Company, all the benefits and burdens of ownership pass to the Relocation Company.  This includes any profit or loss on the final sale to a third party.

9*

In the Amended Value Program, the guaranteed offer to the employee may be conditional on the sale of the property to a third party.

10*

In the Amended Value Program, the employee cannot exercise any discretion over the sale of the property to a third party

11*

In the Amended Value Program, a separate Listing Agreement between the Relocation Company/Employer and real estate broker is required to cover the sale of the property to a third party

12*

In the Amended Value program, the Relocation Company negotiates all offers received for the property and ultimately sells the property to the third party buyer.

13*

In the Amended Value program, the Relocation Company has to complete the purchase of the property from the employee and then completes the sale to the third party.

14*

In the Amended Value Program, the purchase price paid by a buyer has an effect on the final purchase price paid to the employee