Immigration Assistance UK to Canada - mortgage interest as a deduction
Dear Mr. Ingram,
I found your site on the Internet, and it appears that you may have all of
the know-how to assist me.
I am a Canadian, married for 12 years to an English woman, with whom I have
4 children, all born in the UK.
We would like to return to B.C., but I have a few questions:
1) Will my wife be granted immigrant status easily enough as she is married
to me?
2) I am looking to buy a house priced around $250,000, with a 30% deposit. I
am unsure as to whether I will get a mortgage there. In the UK we have a "no
doc" mortgage, basically meaning that as long as you put enough of a deposit
down, mortgages aren't a problem. I am willing to make a larger deposit.
3) I am unaware of the "hidden" costs of buying a property over there, i.e.
property taxes,rates,etc.
I realise that this may not be totally within your field, but I have not
been able to find any one else who seems to have such a wide range of
expertise.
If you could answer my questions, or refer me to someone who can, I would be
very grateful. If you dont have time, then thankyou very much for taking the
time to read this email.
Regards,
Dear Mr. Ingram,
I found your site on the Internet, and it appears that you may have all of
the know-how to assist me.
I am a Canadian, married for 12 years to an English woman, with whom I have
4 children, all born in the UK.
We would like to return to B.C., but I have a few questions:
1) Will my wife be granted immigrant status easily enough as she is married
to me?
2) I am looking to buy a house priced around $250,000, with a 30% deposit. I
am unsure as to whether I will get a mortgage there. In the UK we have a "no
doc" mortgage, basically meaning that as long as you put enough of a deposit
down, mortgages arent a problem. I am willing to make a larger deposit.
3) I am unaware of the "hidden" costs of buying a property over there, i.e.
property taxes,rates,etc.
I realise that this may not be totally within your field, but I have not
been able to find any one else who seems to have such a wide range of
expertise.
If you could answer my questions, or refer me to someone who can, I would be
very grateful. If you dont have time, then thankyou very much for taking the
time to read this email.
Regards,
Sxxxxxxx
_______________________________________________________________
david ingram replies:
Well, I am a realtor, an international tax consultant and do immigration as well when they are associated. so, I should be able to answer all the questions.
1. Cannot guarantee it but if you are a Canadian and your children have been registered and your wife has no medical problems or criminal past, her acceptance should be automatic.
2. You should also have no problem with a mortgage based upon your down payment. However, if you can, for Canadian tax purposes, you should pay as much down as you can including buying the whole thing for cash. then if you want to invest back in whatever you already have, use the house as security to borrow for your investment. That way, the mortgage interest you pay will be deductible. Go to www.centa.com, got to [newsletters] and read November 2001 fro more information on making your Canadian mortgage deductible.
3. Hidden costs vary from province to province and depend upon whether you are buying a new property or a used property.
BC will charge you an extra $3,000 or so of property purchase tax on your purchase of a used or new home and the feds will charge you an extra net 5% or so of the purchase price of a new home for GST (your VAT). Then you have legal and land registry and mortgage costs which would likely be another $1,000 or so.
Christine Louw (www.christinelouw.com is another north shore realtor who specializes in new immigrants to the Vancouver Area.
I found your site on the Internet, and it appears that you may have all of
the know-how to assist me.
I am a Canadian, married for 12 years to an English woman, with whom I have
4 children, all born in the UK.
We would like to return to B.C., but I have a few questions:
1) Will my wife be granted immigrant status easily enough as she is married
to me?
2) I am looking to buy a house priced around $250,000, with a 30% deposit. I
am unsure as to whether I will get a mortgage there. In the UK we have a "no
doc" mortgage, basically meaning that as long as you put enough of a deposit
down, mortgages aren't a problem. I am willing to make a larger deposit.
3) I am unaware of the "hidden" costs of buying a property over there, i.e.
property taxes,rates,etc.
I realise that this may not be totally within your field, but I have not
been able to find any one else who seems to have such a wide range of
expertise.
If you could answer my questions, or refer me to someone who can, I would be
very grateful. If you dont have time, then thankyou very much for taking the
time to read this email.
Regards,
Dear Mr. Ingram,
I found your site on the Internet, and it appears that you may have all of
the know-how to assist me.
I am a Canadian, married for 12 years to an English woman, with whom I have
4 children, all born in the UK.
We would like to return to B.C., but I have a few questions:
1) Will my wife be granted immigrant status easily enough as she is married
to me?
2) I am looking to buy a house priced around $250,000, with a 30% deposit. I
am unsure as to whether I will get a mortgage there. In the UK we have a "no
doc" mortgage, basically meaning that as long as you put enough of a deposit
down, mortgages arent a problem. I am willing to make a larger deposit.
3) I am unaware of the "hidden" costs of buying a property over there, i.e.
property taxes,rates,etc.
I realise that this may not be totally within your field, but I have not
been able to find any one else who seems to have such a wide range of
expertise.
If you could answer my questions, or refer me to someone who can, I would be
very grateful. If you dont have time, then thankyou very much for taking the
time to read this email.
Regards,
Sxxxxxxx
_______________________________________________________________
david ingram replies:
Well, I am a realtor, an international tax consultant and do immigration as well when they are associated. so, I should be able to answer all the questions.
1. Cannot guarantee it but if you are a Canadian and your children have been registered and your wife has no medical problems or criminal past, her acceptance should be automatic.
2. You should also have no problem with a mortgage based upon your down payment. However, if you can, for Canadian tax purposes, you should pay as much down as you can including buying the whole thing for cash. then if you want to invest back in whatever you already have, use the house as security to borrow for your investment. That way, the mortgage interest you pay will be deductible. Go to www.centa.com, got to [newsletters] and read November 2001 fro more information on making your Canadian mortgage deductible.
3. Hidden costs vary from province to province and depend upon whether you are buying a new property or a used property.
BC will charge you an extra $3,000 or so of property purchase tax on your purchase of a used or new home and the feds will charge you an extra net 5% or so of the purchase price of a new home for GST (your VAT). Then you have legal and land registry and mortgage costs which would likely be another $1,000 or so.
Christine Louw (www.christinelouw.com is another north shore realtor who specializes in new immigrants to the Vancouver Area.
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