Buying a house in Toronto

[naharoni]

Hi,

I have been in Canada for the last 2.5 years and still waiting for my landed immigrant documents.
Since I've arrived, I paid the Canadian income taxes which were deducted from my pay slip.
I am planning to buy a condo soon and have already contributed twice for the RRSP plan and now would like to withdraw the money towards my down payment with no tax deduction.

However, I noticed that in order to take advantage of the HBP (Home Buyer Plan) benefit, I need to be a resident in Canada. Is that correct?
Is the fact that I am paying taxes and contributing to the RRSP enough to make me eligible for using this benefit?

Thanks, Naama

 

[SubatomicBionicNanoMan]

Isn't the Permanent Resident Card enough? What other landing documents do you need to purchase a home?

 

[naharoni]

I forgot to mention that I am here on a working visa status

 

[angelinadavid84]

Can you tell me its easy to buy a house in Toronto... and how about the prices....

 

[zap0ne]

Hi,

I have been in Canada for the last 2.5 years and still waiting for my landed immigrant documents.
Since I've arrived, I paid the Canadian income taxes which were deducted from my pay slip.
I am planning to buy a condo soon and have already contributed twice for the RRSP plan and now would like to withdraw the money towards my down payment with no tax deduction.

However, I noticed that in order to take advantage of the HBP (Home Buyer Plan) benefit, I need to be a resident in Canada. Is that correct?
Is the fact that I am paying taxes and contributing to the RRSP enough to make me eligible for using this benefit?

Thanks, Naama

Hi Naama,

You might find the best advice is from a mortgage broker or provider. I have a number of contacts for Mortgages who would be glad to answer your questions without any obligation etc. Get back to me and I can email you my contacts for you to pursue.

Good luck
Roy

 

[zetec452]

Whats the general tax rate for a mortgage? Is there a formula or website to work this out?

I've been on various mortgage calculator websites but none of them include the final price, which is a little frustrating.

Cheers,

 

[zap0ne]

Whats the general tax rate for a mortgage? Is there a formula or website to work this out?

I've been on various mortgage calculator websites but none of them include the final price, which is a little frustrating.

Cheers,

Your Mortgage is a debt not a purchase or income! You do not pay tax on a mortgage payment.