Non Resident Mortgage

MORTGAGES FOR FOREIGN BUYERS.

We can help Foreigners or Non-Residents of Canada with a mortgage to buy a home. Here are some of the questions we are asked from foreign buyers.

Can I buy property in Canada as a Foreigner or Non-Resident?

 The answer is Yes. Foreigners or Non-Residents (Non Permanent Residents) can buy a property in Canada. There are no laws to state that a Foreigner can not buy a property in Canada

Can a Foreigner or a Non-Resident apply for a mortgage to purchase a property in Canada?

Finding a lender for a mortgage for Foreign Buyers will be a challenge. With no history of your financial status Lenders are unwilling to lend you money for a mortgage. Good News is that Toronto Mortgage Exchange can help you obtain a mortgage.

FACTS YOU SHOULD KNOW.

 Non-resident tax.

Foreigners or Non-Residents will have to pay a 15% tax on the purchase price of a Property to the Canadian Government.

Canadian financial institutions and other payers have to withhold non-resident tax at a rate of 25% on certain types of Canadian-source income as a non-resident of Canada. The most common types of income that could be subject to non-resident withholding tax could be the rental income, should you decide to rent out the property after purchasing it.

Tax on income.

Certain types of income you earn in Canada must be reported on a Canadian tax return. The most common types of income include will be the taxable capital gains from disposing of a Canadian property by a Foreigner.

You may be entitled to claim certain deductions from income to arrive at the taxable amount. You can also claim a credit for any tax withheld at source or paid on this income.

HOW MUCH OF A DOWN PAYMENT DO YOU NEED TO BUY A PROPERTY IN CANADA.

Depending on the country, employment status, amount of savings, investments and assets you have, a mortgage can be arranged with a down payment of between 35% to 50% of the purchase price.

For additional details please contact us so that we can direct you to an Accountant and a Lawyer to help you out.

 

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