US born Citizen living in Canada - Tax Advice

[Brian Thomason]

Hello, I am currently living in B.C. Canada and looking into buying my first home. I was recently told that it is a bad idea for US born citizens to invest in Canada. From the limited info I gathered, the only thing that the IRS will not want to get their hands on is an RRSP account (Registered Retirement Savings Plan) and a primary residence. Other than that, it seems the IRS will want to tax me on any mutual funds,rental properties etc.

Is this accurate?

I am interested in buying a duplex and renting out part of it to help with the mortgage payments. Will this be considered income and get taxed by the IRS in the US as well as taxed here in Canada?

What about if I decide to sell the home down the line, will I be taxed by both the US and Canada?

Thanks in advance for any help and information on this.