Hi Jona,
thanks for your reply.
The thing is my fiance and I have lived in Canada before and have friends there so we have an idea of the place. We were just thinking it would be easier to make the payments while we are in the UAE because it's a tax free salary. However, from reading online I have learnt that if you have a 'tie' in Canada like property, abank account or family members you are even taxable on your income made outside of Canada. So it looks like playing the waiting game is actually the best idea.
Thanks for your time.
Flotch
Quote:
Originally posted by jonav
Flotch, we are in the same boat as you and thought on the same lines buying a condo before we finally come and settle here. To proceed I spoke to few of our Canadians friends (Non Desis) and all of them recommended not buying before we come. Why to be in a hurry?? They all suggested living in 1-2 areas first, knowing the area according to our preferences (schools, day cares, commute) etc. and then making a decision. Please don't listen to real estate agents, if you buy today you don't have to pay anything but for e.g. the condo you have bought and don't like it and want to sell, the cost of agent is 5-6% of the property price. So if your condo is for $250K, you'll be straight paying $15k as the agent fees, there are other costs involved too. (I might be wrong on exact figures but just wanted to say selling has costs too and buying too).
I'll suggest come to Canada first, stay here for a while and then make a choice when you know the neighborhoods fully.
I hope it helps.
Jona
Location: carl sagan's universe
Posted on: 18-02-08 12:13:10
Hi all,
I know lots of people who are PRs living in Dubai, Lagos, Nairobi, Kinshasa, but who have homes here. Several have also got their citizenship.
The tax part- it's best to talk to a real good tax consultant who really knows the law inside out, not the run of the mill person who only files tax returns.
One Lagos guy, just bought a condo on Bloor Street a few months ago in Nov.
Business dude though.
Quote:
Originally posted by Flotch
from reading online I have learnt that if you have a 'tie' in Canada like property, abank account or family members you are even taxable on your income made outside of Canada. I hope it helps.
Please check with a tax consultant for details, but as you can read from CRA webiste you can own a house in Canada and still be a non resident. I know a few guys who are doing the same
Check number 6 for more detail http://www.cra-arc.gc.ca/E/pub/tp/it221r3-consolid/it221r3-consolid-e.html#P80_7817
Quote:
Originally posted by jonav
Flotch, we are in the same boat as you and thought on the same lines buying a condo before we finally come and settle here. To proceed I spoke to few of our Canadians friends (Non Desis) and all of them recommended not buying before we come. Why to be in a hurry? They all suggested living in 1-2 areas first, knowing the area according to our preferences (schools, day cares, commute) etc. and then making a decision.
Jonav, many desis would have given you the same answer too. Check my various posts, and that's exactly what I have told to many newcomers from time to time.
Quote:
Please don't listen to real estate agents
Don't suggest something that is WRONG. At least, don't generalise your statement.
Good real estate agents provide valuable insight into buying, selling, investing etc. Good real estate professionals empower their clients with tools to make informed decisions when it come to choosing schools, neighbourhoods, demography and so much more. I have had many clients who first settled down renting for one or more years, then bought based upon their choice of area.
Then there are many clients who exactly knew where they wanted to buy, even the school district. In fact, when I landed here from Dubai; I bought my home on the 5th day of my landing in Canada. I knew about the John Fraser School district, liked the area; some of friends also lived nearby. I have no regrets.
Mostly, it comes down to ones affordability, neighbourhood and choice of homes. Some prefer bigger/newer homes; they don't mind moving outside Mississauga to lesser expensive adjoining suburbs. Others don't care about size of property, they want the best schools/ close proximity to Toronto, lots of desi food, groceries, entertainment, close proximity to workplace etc.
It is hard to find everything that a human desires. Honestly, one has to compromise with the best situation; based on what one needs and what one can get.
Regards,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Sorry Amit, I didn't mean it, was in a hurry to explain to the OP not to be in a haste in buying.
Thanks for correcting.......Jona
