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Process of buying a home in Canada as a non-resident explained
There are a great number of expats who live in Canada as well as foreigners who enjoy visiting here. Vacation, working, and studying are all some of the main reasons Canada has such a great expat community. Furthermore, there are a ton of investors from outside of Canada. If you are looking to purchase a property here, we are going to help you out with the basic info. In this article, we are going to take a look at the process of purchasing a home in Canada as a non-resident. After we go through the process of buying a home in Canada as a non-resident explained, we will take a short look at some of the moving tips and tricks in case you plan on relocating here afterward. We are also going to mention the importance of hiring reliable movers such as Centennial Moving to help you out.
Are foreigners allowed to buy property in Canada?
Let’s first take a look at the most important question. Canada is a huge country. The rules for purchasing a property here as a non-resident can sometimes vary from one place to another. That is why it is important to do proper research. Generally speaking, there are no restrictions on foreigners buying homes in Canada. However, depending on the area and the region, there may be certain fees that you have to pay extra when purchasing a property as a foreigner. In addition to this, if you plan on buying a home to rent it out later and not live in it, you may also have to pay for some additional charges. Either way, it is best to do as much research as possible about these additional fees by taking a look at the exact area in Canada where you plan on purchasing your home.
Proper research is needed especially when purchasing a property in a foreign country.
Who is considered a non-resident?
The next question is line is who exactly is considered as a non-resident in Canada. Well. let’s take a closer look. Clarifying your official residency status with a professional is extremely important. This is because both getting a mortgage and the taxes you’ll need to pay will vary depending on your residency status. For example, you’re a non-resident if you count as a foreign entity, however, this is different from being resident or non-resident for tax purposes. Additionally, If you’re married to a Canadian citizen, and you plan on buying a home together, you may be exempt from NRST, even if you yourself are a non-resident. Do proper research on your legal residency status before you buy a property and start organizing a relocation. In case you already have all of the residency research done, make sure you research reliable moving companies Kamloops before moving.
Taxes, fees, and buying a home in Canada as a non-resident explained
We have mentioned already in this article that there are some additional taxes and fees that you may have to pay. What are they exactly? Well, the exact fees you pay depend on several different factors. The location and the value of the property are the top two. However, there are some common factors to take into consideration. These are the following:
Legal and notary costs,
NRST(depending on the region),
Land transfer taxes,
Capital gains taxes(If you plan on using the property as an investment).
Although this might seem a bit complicated, it really is not. Buying a home here as a non-resident is generally quite easy. However, take all of these factors mentioned above into consideration. Additionally, take a good look at the movers you hire before relocating. Find trusted moving companies Red Deer to help you relocate stress-free.
Take into consideration the important factors such as taxes and additional fees.
The documents for the mortgage
Next in line is the documentation. To get a mortgage arranged, check the exact documents you need with your bank. Generally speaking, a non-resident in Canada will need a deposit, a reference letter from the bank, proof of income, and a Canadian credit check. So, once you get these covered, you should be good to go for the mortgage.
Are your required to be in Canada for a home loan?
First of all, what is a home loan exactly? Well, a home loan is a loan advanced to a person to assist in buying a house or flat. This may be crucial when you buy your home. You need a Canadian bank account for a home loan. So, in the majority of the cases, you will need to visit Canada first and open your account. Considering how many details can go into a home loan, make sure you do a ton of research about it as well.
The moving process
Let us also briefly mention the moving process. Considering the difficulties that come with long-distance moves, it is best to be prepared. The moving process is often complicated. However, it does not need to be stressful. Make sure you have a good plan and a good organization when preparing for your move to Canada. Again, we stress the importance of doing a lot of research before hiring your movers. For long distance moving to Canada, make sure you hire reliable and professional movers who will assist you with quality moving services.
After you get buying a home in Canada as a non-resident explained, make sure you hire reliable movers to help you relocate.
Buying a home in Canada as a non-resident summarized
To conclude, for foreigners or non-residents, buying a property in Canada is a dream. A second home, an investment, or somewhere to live full-time is all available to you. Of course, there are some additional fees and taxes that you will need to research. Check and research all of the details for the area you want to live in. Finally, before moving, make sure you hire reliable moving companies to assist you. Now that you have buying a home in Canada as a non-resident explained, you can prepare to purchase your new home and start getting ready for the relocation!