Buying home after getting PR

[ashishtams]

Hello All,

I have just got PR under CEC. I am planning to buy home soon. I wanted to know if i can transfer money from INDIA to Canada so that i can pay the down payment to buy a house here in ontario.

If yes, what is easiest process? and who should i get in touch with? a lawyer? accountant?

Thank You.

 

[canuck_in_uk]

Yes, you can do this, there's nothing illegal about it.

However, there will be tax implications and you may want to talk to an accountant/tax lawyer to figure out the best way of doing this so you don't get taxed twice or something like that.

There are no tax implications for transferring the money. OP simply needs to keep a record of the source of funds if asked in future.

 

[KRP]

Hello All,

I have just got PR under CEC. I am planning to buy home soon. I wanted to know if i can transfer money from INDIA to Canada so that i can pay the down payment to buy a house here in ontario.

If yes, what is easiest process? and who should i get in touch with? a lawyer? accountant?

Thank You.

You need to connect with a CA in India who will fill out the necessary forms ( Form 15 CA/CB) for you and then you will have to visit your Indian bank and thru their foreign exchange dept get the transfer to your Canadian bank account.

 

[anujoshi]

Hello All,

I have just got PR under CEC. I am planning to buy home soon. I wanted to know if i can transfer money from INDIA to Canada so that i can pay the down payment to buy a house here in ontario.

If yes, what is easiest process? and who should i get in touch with? a lawyer? accountant?

Thank You.

Talk to your accountant before transferring large funds. Tax rules do apply. I'm not saying you'll have to pay tax, but there is paperwork to be done because next time you file your taxes it may come up as a question so best to have it sorted through your accountant ahead of time.

 

[anujoshi]

Also ensure you keep a good paper trail on where the money was back home (accounts, assets, any powers of attorney, documents, etc.), and where it is coming into the country (your account).

 

[goyalneha60]

Hi all
I have got my PR in Canada and looking forward to buy house instead of renting as rents are already very highly in GTA.
Since I haven't bought any house in India, I am thinking to directly purchase in Canada now.
What do you suggest ?
Is it good to buy in India or in Canada ?
I understand it's difficult to maintain back in India while you are physically staying in Canada. From that perspective, I feel it's better to buy in Canada.
I totally understand buying vs renting depends on a lot of factors but I still welcome suggestion and opinions from those who have thought about it and finally concluded. It would be great if you could share your thought process.
I plan to live for 4-5 years in Canada atleast or more which I am not sure at the moment.
What looks better ? paying around 2000-2500 cad per month in rent or better owning a house.
Thank you

 

[scylla]

Hi all
I have got my PR in Canada and looking forward to buy house instead of renting as rents are already very highly in GTA.
Since I haven't bought any house in India, I am thinking to directly purchase in Canada now.
What do you suggest ?
Is it good to buy in India or in Canada ?
I understand it's difficult to maintain back in India while you are physically staying in Canada. From that perspective, I feel it's better to buy in Canada.
I totally understand buying vs renting depends on a lot of factors but I still welcome suggestion and opinions from those who have thought about it and finally concluded. It would be great if you could share your thought process.
I plan to live for 4-5 years in Canada atleast or more which I am not sure at the moment.
What looks better ? paying around 2000-2500 cad per month in rent or better owning a house.
Thank you

What is your price range for buying in the GTA?

 

[canuck78]

Are you in a position to hold longterm. 4-5 years is a short period in real estate.

 

[rahul786619]

Hi all
I have got my PR in Canada and looking forward to buy house instead of renting as rents are already very highly in GTA.
Since I haven't bought any house in India, I am thinking to directly purchase in Canada now.
What do you suggest ?
Is it good to buy in India or in Canada ?
I understand it's difficult to maintain back in India while you are physically staying in Canada. From that perspective, I feel it's better to buy in Canada.
I totally understand buying vs renting depends on a lot of factors but I still welcome suggestion and opinions from those who have thought about it and finally concluded. It would be great if you could share your thought process.
I plan to live for 4-5 years in Canada atleast or more which I am not sure at the moment.
What looks better ? paying around 2000-2500 cad per month in rent or better owning a house.
Thank you

I just bought house in Hamilton and I found better then renting a house.
its good to have our own house feel different.

 

[alifraz]

I just bought house in Hamilton and I found better then renting a house.
its good to have our own house feel different.

can you share some details how to do it ...
and most importantly how much approximatly ...though def it is depending upon on house location etc ...

 

[canuck78]

can you share some details how to do it ...
and most importantly how much approximatly ...though def it is depending upon on house location etc ...

Are you likely to get a job in Hamilton? You need to get to Canada and find steady employment before considering where to buy a house.

 

[mahi2020]

can you share some details how to do it ...
and most importantly how much approximatly ...though def it is depending upon on house location etc ...

500K

 

[canuck78]

can you share some details how to do it ...
and most importantly how much approximatly ...though def it is depending upon on house location etc ...

Housing prices vary by location and can very by a lot.

 

[Musti82]

Hello All,

I have just got PR under CEC. I am planning to buy home soon. I wanted to know if i can transfer money from INDIA to Canada so that i can pay the down payment to buy a house here in ontario.

If yes, what is easiest process? and who should i get in touch with? a lawyer? accountant?

Thank You.

you can transfer the funds, make sure you have your financial statement of the funds back home, in case you want to buy and the funds are not in Canada for 90 days, you will have to show previous statements to show hte history of the funds.

i think in your first 5 years of PR you're allowed to bring certain amount of your wealth here without any tax implications, i suggest working with a good CPA, who is familiar with international taxation.
Let me know if you have any mortgage related questions, i work for RBC as mortgage specialist.

 

[Musti82]

Hi all
I have got my PR in Canada and looking forward to buy house instead of renting as rents are already very highly in GTA.
Since I haven't bought any house in India, I am thinking to directly purchase in Canada now.
What do you suggest ?
Is it good to buy in India or in Canada ?
I understand it's difficult to maintain back in India while you are physically staying in Canada. From that perspective, I feel it's better to buy in Canada.
I totally understand buying vs renting depends on a lot of factors but I still welcome suggestion and opinions from those who have thought about it and finally concluded. It would be great if you could share your thought process.
I plan to live for 4-5 years in Canada atleast or more which I am not sure at the moment.
What looks better ? paying around 2000-2500 cad per month in rent or better owning a house.
Thank you

ownership obviosuly is always better, as long as you have the financial stability to be able to make those mortgage payments. in Canada the maximum mortgage term is 30 years(assuming you put 20% or more downpayment, less than 20% its 25 years)