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Purchasing property in Ontario

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Happysingh
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Purchasing property in Ontario

Post by Happysingh » Sun Jan 05, 2020 1:45 pm

Hello,

I'm a UK citizen planning on buying a property in Toronto. I know that if I do so, there is a 15% tax I need to pay.

Is it possible that I apply for a Canadian PR (I have checked that I qualify), and once I get the PR then purchase the property? If so, would it then be possible to gift it to my brother who is a Canadian citizen?

I'm not looking for a mortgage for buying in Canada, and would be purchasing the property using my own funds.

Finally, is there any UK Tax implication if I did this?

Thanks

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Zerubbabel
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Re: Purchasing property in Ontario

Post by Zerubbabel » Sun Jan 05, 2020 5:04 pm

Finally, is there any UK Tax implication if I did this?
If you buy a house/flat in Ontario, you are no longer considered first time buyer in the UK. You may have to consider this if you have further plans to buy in the UK.

For the rest, this is not an immigration question. I recommend seeing a specialist for this kind of specific questions.

Happysingh
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Re: Purchasing property in Ontario

Post by Happysingh » Mon Jan 06, 2020 7:37 am

Thanks a lot

avro1959
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Re: Purchasing property in Ontario

Post by avro1959 » Sat Feb 08, 2020 11:12 am

The 15% foreign buyers tax applies to individuals who are not Canadian citizens or permanent residents.

If you are a permanent resident of Canada, you will not have to pay said tax. A permanent resident of Canada has pretty much every right and freedom as a Canadian citizen except for voting, running for office, or working in certain government jobs with security clearances.

I also don't see any reason why you wouldn't be able to transfer the property to a family member who is a Canadian citizen. If you own the property outright, you can do as you wish. There could be tax implications for your family member if it's their second home in Canada.

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