buying a house in Canada

[Abdu]

I will be landing in Canada shortly. I am planning to buy a house withing the first year. For this sake I might sell a property in my home country to pay about 40% of the cost of the house. I have two questions:
1- Can I get a mortgage to cover the remaining 40% of the cost if I do not get a job?
2- Am I going to pay tax on the money I bring to Canada from my home country?

advise please

 

[steaky]

I will be landing in Canada shortly. I am planning to buy a house withing the first year. For this sake I might sell a property in my home country to pay about 40% of the cost of the house. I have two questions:
1- Can I get a mortgage to cover the remaining 40% of the cost if I do not get a job?
2- Am I going to pay tax on the money I bring to Canada from my home country?

advise please

You can check with your broker or banker to see whether the mortgage can cover the remaining 40% of the cost even if you have no job. The money you bring into Canada from your home country is tax-free. However, if you sell your property in home country after your landing, being a tax resident, you would be subject to pay Canadian capital gain tax.

 

[mediajunkie]

You mean the remaining 60% of the cost? If you have no income banks may be unwilling to give you bank loans. Even if you do find a bank to give you a loan they may charge you a high interest rate. 40% equity in the house may not be sufficient to qualify for a home loan. I have heard some banks wanting close to 80% equity.

How are you going to pay for the mortgage if you have no income? Even if you are paying with your savings what happens if your savings run out? do you have any investments or assets that are currently generating income for you such as stocks or bonds? Even if you cannot get a job in your field try getting a survival job. Having an income, no matter how small, greatly increases your chances of getting a bank loan with a lower interest rate.

Find a reliable real estate agent and ask him/her to recommend you a reliable mortgage broker. Real estate agents are eager to sell and they will assist you in any way possible to help you finalize the sale.

Any income you make prior to landing in Canada is not subject to tax. If you do sell your house after landing, check to see if your country has a Tax treaty with Canada.

 

[Abdu]

thanks a ton guys!.

 

[NewYorker]

You can get a loan in Canada if you put at least 10% down, BUT you need to have a job to show where you will be able to pay. All banks will give loan from 10% to 20% for new immigrants and there will be a added mortgage insurance because of new credit.