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Question
I am Canadian living in the US with dual citizenship, does this make it harder for me to buy property in Ontario and will I have to pay income taxes in Canada and the US?
Hi Barb. Lenders distinguish between residents and non-residents when approving a client for a mortgage; a resident is someone who files income taxes in Canada, a non-resident does not. If you do not currently file income taxes in Canada, the maximum most lenders will be comfortable lending you is 65% of the purchase price. You can perhaps get up to 80%, but it would depend entirely on the application. The other issue you might want to look into is the taxes non-residents must pay if/when property is sold - typically there is a 25% holdback from the sale proceeds, to satisfy capital gains taxes. You can learn more on this topic from any Accountant.
Hope this was helpful to you,
Warm regards,
Cinzia
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Answers by Expert:
Cinzia Dalgarno
Expertise
I can provide information and assistance on all aspects of obtaining a mortgage in Canada. I can clarify the requirements for both resident and non-resident borrowers, and address virtually any question or concern regarding financing your purchase of a Canadian property. I have access to a wide variety of lenders, and will obtain the mortgage product that best suits your needs. My considerable experience, coupled with an extensive network of industry professionals will serve to make buying a home in Canada a simpler and more comfortable experience. mortgagebycinzia@gmail.com;
Experience
During my 26 years in the mortgage industry I have gathered a wide range of business contacts; from A-level banks to private lenders, realtors, lawyers and notaries, and am very familiar with the numerous products offered. An extensive understanding of Canadian lending practices has shown me the importance of having an Accredited Mortgage Professional working for you.
Organizations
Member of CAAMP;
Member of MBABC
Education/Credentials
A.I.C.B. (Associate Degree, Institute of Canadian Bankers);
AMP (Accredited Mortgage Professional)
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