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Canadian Real Estate/What taxes necessary?
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Question
I am a US citizen purchasing property in New Brunswick from another US citizen. It will be for seasonal use. What are my tax expenses for this purchase? Thank you
Bill
Hello Bill. Based on the info you've provided, the taxes involved in the purchase of the home will include HST (if it's a new home) and Property Purchase Tax. The taxes paid vary from province to province, so you would do well to confirm the costs involved with a local New Brunswick realtor or real estate lawyer. The person selling the home may incur taxes as well (capital gains) (in case you happen to be related to the seller, you might wish to advise them to look into this).
There are a couple of very handy websites you might be interested in:
info on buying a home in Canada for non-Canadians:
http://www.assignmentscanada.ca/buyingincanada.html
and for cross-border tax issues of all kinds:
http://www.centa.com/
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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