Investing in property is always a great idea when you plan for something long-term and rewarding. There are many ways in which you can invest your cash. But property remains the gold mine of all! You can reap the benefits of having extra property abroad and gain benefits from it. Especially when you are from a country where Canadian dollars are worth more than the country you are coming from, then investing in property in Canada will give you greater benefits. All you can now be stuck up with is paperwork and the necessary guidelines that one needs to follow. Toronto Real Estate Pro will help you find the best locations for your investment. We will also guide you in every step of the way.
We will now resolve your queries related to investment in Canadian real estate as a non-resident:
You don’t need to be a resident to own a property in Canada
Canadian who resides for 6 months or less are known as non-residents too and come under the same ambit of foreign nationals looking to invest in property. There is no restriction to how much property one can invest in the Canadian real estate market. At Toronto Real Estate Pro, we will show you the best type of property investments for non-residents. Make the best choice with us.
You will have to pay tax
Non-residents, be it corporate or individual, have to pay Non-Resident speculation tax of 15% of the purchase price if the properties are purchased in:
- Kawartha Lakes
Also, you might have to pay for land transfer taxes and first-time buyers can also apply for land transfer rebates. If you are confused about how to apply for that, then you can contact us on our website. Toronto Real Estate Pro are experts in handling property investments for non-residents. You can have a look at our profile and success rate to evaluate our work and functioning.
Owning property in Canada doesn’t automatically give you any immigration privileges
You can invest in Canadian real estate but you still have to apply for immigration if you plan on staying in Canada or reside permanently.
Taking insurance and loan
You can get finances for your property purchase but you will have to pay up to 35% of down payment in cash. You need to have insurance quotes ready before you invest in property in Canada as it helps in obtaining a mortgage. Toronto Real Estate will help you find lenders and in seeking help to find financers and loan.
There is no limit to the type of property you can buy
You can buy almost any kind of property from Condos to luxury homes, vineyards, and equestrian yards. So it offers non-residents to make the better investment as options are wide open for them. We will help you find the best property according to your interest.
Collecting rent from invested property in Canada
When you decide on keeping your property up for rent, you are supposed to give 25% of it to withhold tax on the income you receive from rent. However, if you file an NR6 with the CRA, your amount can get reduced. Then you can claim expenses of mortgage interest, property taxes, property maintenance, and repair.
Before and after sealing the deal
If you are sure to invest your money in Canadian real estate then you should transfer your funds to a Canadian bank. This might take 2-4 weeks. After your hunt for the perfect property is over, your signatures can be taken digitally. If you are planning on closing the deal outside of the country, then you would need power of attorney.
Who are we and how can we help you in all of this?
We, at Toronto Real Estate Pro, will help you get the best solutions out of everything. We will handle your paperwork diligently and also show you properties that you will be interested in. There are many legal pitfalls one can fall into if they are not careful with the type of investment they make. But we assure transparency and full communication about the procedures and cost that comes with it. This is why we are preferred Real Estate Company in Canada. This is the best type of investment for non-Canadians who wish to get more out of their savings.
Money should never be stagnant in your account; it should keep flowing and increasing. The river that stays still often becomes inhabitable and stagnant. So does your money if you don’t know how to invest it for further growth.
And at Toronto Real Estate Pro, we will help you with buying, selling, investing and even renting your property. We are the all-round solution to every property queries. You can feel free to contact us on adnan feroz and schedule an appointment. Our sales representative, Adnan Feroz, will not only impress you with his profile of successful deals but will also give you impressive results for your finding.
We bring together all round property solutions for residents and non-residents who are interested in investing in property. You can contact us now through our website to know more about us. Feel free to reach us today and ask away your queries. We are happy to help!