buy house in bc on work permit
- Thread starter Ajit1975
- Start date
Your WP has an end date, maybe in 2 or 3 or 4 years from the time of your arriving in the country. You will be requesting for a mortgage which will be payable in 10 or 15 or 15 or 25 yrs time.
I doubt if your mortgage will be approved on WP. You also would need time to build credit history in the country
I had an issue while i was trying to finance my car. I was asking for mortgage of 5 yrs, my WP was expiring in 3 yrs time, i was asked by creditors how will I pay in the 4th n 5th year when my WP expires in 3 yrs..
Most Indians on 3-6 years work permit in USA buy houses with 15-30 years mortgage. Rules should be similar in Canada. Ask around.
https://www.canadavisa.com/canada-immigration-discussion-board/threads/buying-house-on-workpermit-with-5-downpayment.115752/
https://www.canadavisa.com/canada-immigration-discussion-board/threads/buying-house-on-workpermit-with-5-downpayment.115752/
Does that apply to people on WP living and working in Canada ? Is it a BC specific rule ?
It is a BC specific rule (although Ontario has similar rules).
Applies to all foreign nationals:
https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax
But on WP we are paying the taxes here... that will not make us a foreign national imho
See the link above if you are eligible for exemption. Besides you are foreign national because you neither Canadian citizen or Pr.
I am in Ontario here is what I read for Foreign national working in Ontario
https://www.fin.gov.on.ca/en/bulletins/nrst/index.html
So sticking with the BC province... here is what I read... https://www.theglobeandmail.com/real-estate/vancouver/bc-relaxes-foreign-buyer-tax-offers-refunds-to-those-with-work-permits/article34337503/
I hope it settles the dust
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Despite of this, you still have to pay it at closing.So sticking with the BC province... here is what I read... https://www.theglobeandmail.com/real-estate/vancouver/bc-relaxes-foreign-buyer-tax-offers-refunds-to-those-with-work-permits/article34337503/
I hope it settles the dust
haha.. i saw you added another post only to delete it yesterday
you don't wanna give up Haha... yesterday I saw you with just the green smiling face and then you deleted the smiley and replaced with the sentences containing the globe and mail link. You too don't wanna give uphaha.. i saw you added another post only to delete it yesterday