Part II - Canadian Resident Status to buy property in
Sent: Wednesday, January 25, 2006 3:54 AM To: taxman at centa.com Subject: RE: Canadian Resident Status Dear Mr. Ingram: Thank you for your reply to my question. I would like to add to it if I may. My main reason to become a resident again is to be able to obtain a mortgage to buy investment property in Canada. I am unable to obtain a mortgage in Chile since I am not a resident. This makes buying a house there a cash propisition, which I find unlikely with real estate prices there! I take then that I can return to Canada, rent/buy housing set myself up as a resident, but still leave my wife and son in Chile? I look forward to hearing from you again. Regards, ============================ david ingram replies: You do not have to be a resident of Canada to get a mortgage. Usually, 35% down will get anyone a mortgage in Canada whether you are a citizen or resident. If the property is to rent out, there should not be any problem. Try phoning or contacting Canadian mortgage broker Glen Kelleway at glen at mortgageitright.com. Glen has looked after several out of country buyers that i know of. phone (604) 476-0053 =================== David Ingram specializes in giving expert income tax and immigration help to American and Canadian citizens living out of their home countries from Zimbabwe to Saudi Arabia to Mexico to China or Chile - Cross border, Non-resident - dual citizen - out of country investments are all handled with competence and authority. David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. 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