Home Buying with US W2 no T4s in Canada

[su0du0tict]

Is it possible to buy home in Canada with US W2 and no T4 / tax returns filed in Canada in PR Status .

 

[Kaibigan]

Is it possible to buy home in Canada with US W2 and no T4 / tax returns filed in Canada in PR Status .

Yes, it's possible. That's if you are asking is there any legal impediment. If, on the other hand, you are asking if it's possible to get bank financing, that's another story. In that case, talk to a mortgage broker, describing your situation.

 

[Kaibigan]

Hey @scylla, thanks so much for the "Like". Makes a "Newbie" like me feel appreciated. For some unknown reason, I was reduced to Newbie status yesterday, and all my posts for the past few years wiped out. Not sure what I did (or failed to do) to deserve that.

 

[scylla]

Hey @scylla, thanks so much for the "Like". Makes a "Newbie" like me feel appreciated. For some unknown reason, I was reduced to Newbie status yesterday, and all my posts for the past few years wiped out. Not sure what I did (or failed to do) to deserve that.

Wow! You are anything but a newbie. That is so strange about your status.

I bought a house with my husband shortly after he immigrated from the US (through my sponsorship). He had all sorts of tax documents from the US but the bank was like "nope!" and would only look at my stuff for the Canadian mortgage. Mind you, that was well over 10 years ago now.

 

[Kaibigan]

Wow! You are anything but a newbie. That is so strange about your status.

I bought a house with my husband shortly after he immigrated from the US (through my sponsorship). He had all sorts of tax documents from the US but the bank was like "nope!" and would only look at my stuff for the Canadian mortgage. Mind you, that was well over 10 years ago now.

I think you would find not much different today. A couple of years ago, I was looking to borrow in Canada. I had clear title property I was willing to mortgage. I thought it would be a cakewalk. So, banks (and a few credit unions) asked me about sources of income. I showed them my significant (to me) rental income from a property in Los Angeles. I was told "Sorry, U.S. money does not count." Then, I spoke of my regular income from legal writing. I was asked "So, are you a regular, full-time, employee?" I said that I was considered a freelancer, although all my work product was for a single "employer", who had been paying my monthly invoices for 26 years. The banks all said that, in that case, the income would not count. I ended up forgetting about a mortgage loan and liquidated some investments to raise capital.

I found it much easier going the other way. Moving to Los Angeles, U.S. banks had no issues in giving me a loan for a house, even though I had yet to establish any credit or tax history in the U.S.

 

[jackie42]

Interesting, the CRA totally wants to know about your world income, once you hit the 183-day rule and become a tax resident. But as far as lending? I couldn't even get a rental using a W2 as a high salaried tech engineer.