Posted on: 20-05-14 10:53:38
Folks,
I have been looking for houses in Mississauga, unfortunately the heated housing market in the specific area we like to move costs high. I am against getting bigger loans and my approach is often conservative (not essentially the whole family has to think that way, hence the house hunt for bigger unit). Well, many of you might have experienced this social pressure 
Now the price tag sends jitters (not for an average buyer), Now the push is coming from in-laws (who are affluent to some extent with their Gulf return money) , they are pitching in to fill the gap (roughly little more than 100K).
What are the logistics to follow for my wife to get the gift through Banking channel.
Whom to notify (Bank, CRA etc., etc..,). Any pre-authorization required ?
Any limits annually, monthly to recieve gifts from parents ?
I guess in India, the limit to send money is reduced to $75K per person per year.
Please share your prior experience....
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by JRF
Folks,
I have been looking for houses in Mississauga, unfortunately the heated housing market in the specific area we like to move costs high. I am against getting bigger loans and my approach is often conservative (not essentially the whole family has to think that way, hence the house hunt for bigger unit). Well, many of you might have experienced this social pressure
Now the price tag sends jitters (not for an average buyer), Now the push is coming from in-laws (who are affluent to some extent with their Gulf return money) , they are pitching in to fill the gap (roughly little more than 100K).
What are the logistics to follow for my wife to get the gift through Banking channel.
Whom to notify (Bank, CRA etc., etc..,). Any pre-authorization required ?
Any limits annually, monthly to recieve gifts from parents ?
I guess in India, the limit to send money is reduced to $75K per person per year.
Please share your prior experience....
----
Thanks for the preamble. I got the drift. Get as much as you can out of GULF. There is no limit in receiving at the Canadian end. "Khudha tho deyenga..... G... Phat ke deyenga." Be humble and receive as much as you can get out of them and more so when they visit you in your new place.
Now to the questions..:
Receiving in Canada, you need not report the incoming funds to anyone. BUT.. there is always a but. There is a Monitoring system called "FINTRAC" and they automatically monitor the incoming funds.
No limits for receiving funds into Canada, monthly, annually or periodically. But please ask the sending party to write an e-mail or a written one with a statement that the sum.... so and so amount... is a gift from... Just in case you are asked about it in the future. Keep it in a safe place.
Each individual can send a gift of $75,000 per year. You are correct in this regard. Also two individuals from the same household can separately gift to you the total amount you would be receiving. Please use the right banking channels to send you the total amount as a gift. Also ask the Bank Manager to note that in his transaction, when it leaves that end. This is for those who are receiving the sum out of India. Also there are no tax implications here in Canada.
Also this sum can be resent to them, if they happen to be parents living there in India. There are no limits in sending OR receing gifts there between Parents and Children. If it ever arises.
FH.
JUST MY THOUGHTS.: A good LOT 60' x 100' anywhere will cost you about $200,000. Plus a PRE Fab Concrete house 2000 sq. ft will cost you anywhere from 250,000 plus a few odd dollars (2008 prices) If it becomes a walk out, then you have 4,000 sq.ft of home, with wide spacious doors and bay windows and skylights also huge BSMT windows of your choice with R2000 grade home. Total cost under half a million dollars +. Erected in THREE Months for you. That will include my services and an Architect thrown in. Please consider this. You pay the construction fee to the city hall separately ...which is $60,000. I also know that you can do it yourself. fh
FH, Thanks for sharing the information. I will have a meeting with my primary banker sometime this week, I will also have a opinion on this from bank's end.
JUST MY THOUGHTS.: A good LOT 60' x 100' anywhere will cost you about $200,000. Plus a PRE Fab Concrete house 2000 sq. ft will cost you anywhere from 250,000 plus a few odd dollars (2008 prices) If it becomes a walk out, then you have 4,000 sq.ft of home, with wide spacious doors and bay windows and skylights also huge BSMT windows of your choice with R2000 grade home. Total cost under half a million dollars +. Erected in THREE Months for you. That will include my services and an Architect thrown in. Please consider this. You pay the construction fee to the city hall separately ...which is $60,000. I also know that you can do it yourself.
On your note above, I also thought of such ideas but my concern was that kids will suffer the most as it would be difficult to find an empty lot in an area which is already established with a good school district (that too in mississauga that is built out already pretty much).
There is one lot in 401/McLaughlin area for 2.3 million that spans above 10 acres. Most likely the town home builder would buy that or the luxury home builder. If individuals end up buying after forming a group of 10 people, each could end up with close to an acre land where at most 1/4th could be used for construction. Its in a good established area but there are no signs of such groups buying land as a group and divide (as we used to do it in India for compounded properties).
Quote:
Originally posted by Full House
Quote:
Originally posted by JRF
Folks,
I have been looking for houses in Mississauga, unfortunately the heated housing market in the specific area we like to move costs high. I am against getting bigger loans and my approach is often conservative (not essentially the whole family has to think that way, hence the house hunt for bigger unit). Well, many of you might have experienced this social pressure
Now the price tag sends jitters (not for an average buyer), Now the push is coming from in-laws (who are affluent to some extent with their Gulf return money) , they are pitching in to fill the gap (roughly little more than 100K).
What are the logistics to follow for my wife to get the gift through Banking channel.
Whom to notify (Bank, CRA etc., etc..,). Any pre-authorization required ?
Any limits annually, monthly to recieve gifts from parents ?
I guess in India, the limit to send money is reduced to $75K per person per year.
Please share your prior experience....
----
Thanks for the preamble. I got the drift. Get as much as you can out of GULF. There is no limit in receiving at the Canadian end. "Khudha tho deyenga..... G... Phat ke deyenga." Be humble and receive as much as you can get out of them and more so when they visit you in your new place.
Now to the questions..:
Receiving in Canada, you need not report the incoming funds to anyone. BUT.. there is always a but. There is a Monitoring system called "FINTRAC" and they automatically monitor the incoming funds.
No limits for receiving funds into Canada, monthly, annually or periodically. But please ask the sending party to write an e-mail or a written one with a statement that the sum.... so and so amount... is a gift from... Just in case you are asked about it in the future. Keep it in a safe place.
Each individual can send a gift of $75,000 per year. You are correct in this regard. Also two individuals from the same household can separately gift to you the total amount you would be receiving. Please use the right banking channels to send you the total amount as a gift. Also ask the Bank Manager to note that in his transaction, when it leaves that end. This is for those who are receiving the sum out of India. Also there are no tax implications here in Canada.
Also this sum can be resent to them, if they happen to be parents living there in India. There are no limits in sending OR receing gifts there between Parents and Children. If it ever arises.
FH.
JUST MY THOUGHTS.: A good LOT 60' x 100' anywhere will cost you about $200,000. Plus a PRE Fab Concrete house 2000 sq. ft will cost you anywhere from 250,000 plus a few odd dollars (2008 prices) If it becomes a walk out, then you have 4,000 sq.ft of home, with wide spacious doors and bay windows and skylights also huge BSMT windows of your choice with R2000 grade home. Total cost under half a million dollars +. Erected in THREE Months for you. That will include my services and an Architect thrown in. Please consider this. You pay the construction fee to the city hall separately ...which is $60,000. I also know that you can do it yourself. fh
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
If it involves purchase and development. : It could be dene here currently.
There are developers who will do this for you for a MIL. The architects will take a similar sum to plan, study and bring it to completion.
That should not scare the day lights out of you, because the final out come will be you all will have one LOT to buld and one LOT to hold or sell, BOTH for FREE (nearly free) and the settlement gets to be named under a name you choose. Also, you will have the option to have a plaza on it. A third of the area will be left as a lung or free breathing space, or a park for the neighborhood. No one gets a chance like this. So decide on it after formal investigation. Also group yourselves first. It will be joint effort.
The time taken is slightly long and planning and development depends upon the classification under which the present area falls under or is held for. If it involves changing the zoning, then it will be a different ball of wool that you are looking at. All of these are developer's bailywick and it is seven years since I got out of it.
You do have the support and help from me and I can revive the old group if there is sufficient incentive.
And all of this is posted to an open forum.
Take care,
FH.
It is my opinion that you will surely face a few hardships, which some times becomes necessary, when you have lofty ideals and plans to get into, looking at a very great future. Along with it you will also experience difficulties that you never knew existed and not knowing what they are, you are expressing your concerns here. There are so many hurdles that you will experience and if you are the one the DEVELOPER has to report to, then, your burden will become unbearable right from the start. Only a few are destined to get into it and envy them.
If you can change your hats at a moments notice and stand upto it, then enter into such a proposition. Otrherwise carry on as usual and hold on to all of these for a little while, till you feel that you are ready to tackle it, may be at a later date. You need ample time at your disposal. Currently you only have 24 hours in a day. I also know how you are feeling.
All of these are called LOST OPPORTUNITIES. Only a few can run and catch the BUS.
Good Luck.
FH.
REFORUM/COMMITEE OF ADJUSTMENT MISSISSAUGA/VARIANCE.
Ministry of Municipal Affairs and Housing..
FH, thanks for extending your assistance. Much appreciated.
Currently, we have been running a very focussed search as far the real estate is concerned, Area and school being the highest priority, even certain compromises on the structure / style of house taking a back seat.
While the later is close to the heart, former is something that couldn't be circumvented easily.
Hence the search is zeroed in to a specific pocket. Once the little one gets through the elementary school, I will have some luxury of going what I like... I am also expecting to get some assistance from my parents (so do wife), we would need to sit down and plan on investing into a land that could satisfy my interest in building a beautiful nest to my taste.
Quote:
Originally posted by Full House
If it involves purchase and development. : It could be dene here currently.
There are developers who will do this for you for a MIL. The architects will take a similar sum to plan, study and bring it to completion.
That should not scare the day lights out of you, because the final out come will be you all will have one LOT to buld and one LOT to hold or sell, BOTH for FREE (nearly free) and the settlement gets to be named under a name you choose. Also, you will have the option to have a plaza on it. A third of the area will be left as a lung or free breathing space, or a park for the neighborhood. No one gets a chance like this. So decide on it after formal investigation. Also group yourselves first. It will be joint effort.
The time taken is slightly long and planning and development depends upon the classification under which the present area falls under or is held for. If it involves changing the zoning, then it will be a different ball of wool that you are looking at. All of these are developer's bailywick and it is seven years since I got out of it.
You do have the support and help from me and I can revive the old group if there is sufficient incentive.
And all of this is posted to an open forum.
Take care,
FH.
It is my opinion that you will surely face a few hardships, which some times becomes necessary, when you have lofty ideals and plans to get into, looking at a very great future. Along with it you will also experience difficulties that you never knew existed and not knowing what they are, you are expressing your concerns here. There are so many hurdles that you will experience and if you are the one the DEVELOPER has to report to, then, your burden will become unbearable right from the start. Only a few are destined to get into it and envy them.
If you can change your hats at a moments notice and stand upto it, then enter into such a proposition. Otrherwise carry on as usual and hold on to all of these for a little while, till you feel that you are ready to tackle it, may be at a later date. You need ample time at your disposal. Currently you only have 24 hours in a day. I also know how you are feeling.
All of these are called LOST OPPORTUNITIES. Only a few can run and catch the BUS.
Good Luck.
FH.
REFORUM/COMMITEE OF ADJUSTMENT MISSISSAUGA/VARIANCE.
Ministry of Municipal Affairs and Housing..
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
I had a cup of coffee and sat down with two of my old colleagues. Though the conversation was a heated one, we were looking at each other when the current costs for developing came in.
To build on a ready lot is entirely different from home to be built on a lot onto a NEW development, where the land needs to get developed. The current costs came up so high my quotes would have been out of whack too. We would like to take a run upto the spot where the open space is for sale. Then we will do an intial search after a short survey of the perimeter. That will tell us how we can do all of the hook ups etc., and how things can be swung to get the maximum potential.
So, you can leave this idea on the back burner for a substantial time and at that time we will also know the others who are looking at the same survey. It won't last long, but if there are hitches, that is what we think we will be heading into, there will be cost over runs starting with the development stage. The sale of that property is probably on hold due to development costs.
More on it when we get deeper into it.
I will be lieing low on this one.
FH.
