My question is: Applicable to both US and Canada
QUESTION: I am a U.S. Citizen who visits Montreal quite often as I love it
there.
I thought maybe instead of waisting thousands of dollars a year on hotels
why not purchase a vacation home/ condo in/or around the Montreal area. Is
it possible to do just that and what banks would consider the financing?
Thank you.
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david ingram replies:
Thousands of American own vacation homes in Canada.
If you do not intend to rent it out, you will need 35% down (as a rule) and
any bank should finance you.
Another solution is to borrow enough on your home in the US and pay cash in
Canada.
In either case, the mortgage interest and taxes paid in Canada are also
deductible on your US 1040 on schedule A.
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