yeah i am also in same situation...Its race against time now for me as i dont want get in another 1 yr lease and pay 2300/2400 rent when i am ready to buy but cant without CoPR...its so frustrating
COPR this week?
- Thread starter shayusuf247
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Man, I totally feel you. I'm in the same situation and I don't accept losing money like this anymore. Not considering all the other life goals you may have (starting a company, ... )Its race against time now for me as i dont want get in another 1 yr lease and pay 2300/2400 rent when i am ready to buy but cant without CoPR...its so frustrating
I calculated that this little COPR game will probably cost me at least 100k in the long run. I'm so bitter and frustrated - it ain't how you should treat people working and paying taxes here. All these nice words about immigration targets and then you have people already here, highly qualified and productive left without proper status.
At this point I'm leaving in December, I'm sure COPR won't arrive in 2020 - I'll reconsider Canada once I'm PR with its rights. I wouldn't be surprised if this process will take 6-12 more months
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With everything completed and biometrics refunded. A biometric refund is a kind of countdown to complete your file. I strongly feel that your COPR is coming soon.
You can claim the foreigner property tax after getting PR.Its race against time now for me as i dont want get in another 1 yr lease and pay 2300/2400 rent when i am ready to buy but cant without CoPR...its so frustrating
What is that and How does it work "foreigner property tax after getting PR" ? Thanks
Buy what ? Just show the bank your ITA and AOR and as long as they see that you have shown interest on staying they can get you the mortgage... If that’s what you meant.Its race against time now for me as i dont want get in another 1 yr lease and pay 2300/2400 rent when i am ready to buy but cant without CoPR...its so frustrating
It's not about the mortgage, it's the "non-resident speculation tax" which applies to anyone non-PR or citizen buying real estate in GTA, Kitchener... It's 15% of the property value
really, I had no idea about this. So what you’re telling me is that if I bought a 100k house I would be paying 15k taxes if I was not a permanent resident when I bought the house ?!
True, but first you need to pay an additional 15% on top of the real estate price. Given Ontario real estate market 15% is going to be at least 100k, and then you need to wait to get it back
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Correct. However, if you buy a house where the non-resident speculation tax applies you are going to pay 15% on way more than 100k (more likely 700k at least due to the real estate prices )