Buying property before PR granted
#16
Guest
Posts: n/a
Re: Buying property before PR granted
Originally Posted by Tiaribbon
When we arrived on Study Permits the customs "landed" us as settlers so we were given the same rights as a PR. All our list of good to follow were stamped and we have already brought stuff in without paying any tax.
#17
Re: Buying property before PR granted
This is not true.
Best to read the Revenue Canada site about importing.
You are classed as a seasonal resident , and can bring furniture etc in, tax free. This is a one time offer. You can only stay in country for 6 months at a time on a visitors visa.
If you subsiquently get PR you cannot land and bring more stuff in. You are not allowed to resell any items within 1 year, for tax purposes, or you will be subject to tax, as if you had imported and sold it.If an when you leave some things may be liable to tax, but very unlikely furniture etc, that was for personal use. Just need to keep records of valuables etc.
We only put a $500 deposit on our purchase. Although we did build from scratch, and paid builder in instalments.
Buying in Canada is no different than buying property anywhere else in the world outside of Europe. If you want it as a rental you can rent it out as longa syou pay tax on income in Canada. Or then you can sell it and pay tax on the gain. Same as here, if it is not your primary residence.
Our house has gone up 12% in value since having it built, and buy the time we have completed landscaping they reckon nearer 20% in less than a year I think that is quite a good return on our savings.
Canada is a big place so property varies from province to province, so does property etc.
If in doubt don't do it. Otherwise join the many of prospectors, that see gold in them hills!
If you bring your goods when you come as a visitor, there is:
1. A good chance that you will not be admitted as a visitor as it would appear that your intention is to settle in Canada.
2. If you are admitted, you goods would be subject to duty and taxes, which if you were coming as a permanent resident they are allowed in as settlers effects, taxes and duty free.
PMM[/QUOTE]
Best to read the Revenue Canada site about importing.
You are classed as a seasonal resident , and can bring furniture etc in, tax free. This is a one time offer. You can only stay in country for 6 months at a time on a visitors visa.
If you subsiquently get PR you cannot land and bring more stuff in. You are not allowed to resell any items within 1 year, for tax purposes, or you will be subject to tax, as if you had imported and sold it.If an when you leave some things may be liable to tax, but very unlikely furniture etc, that was for personal use. Just need to keep records of valuables etc.
We only put a $500 deposit on our purchase. Although we did build from scratch, and paid builder in instalments.
Buying in Canada is no different than buying property anywhere else in the world outside of Europe. If you want it as a rental you can rent it out as longa syou pay tax on income in Canada. Or then you can sell it and pay tax on the gain. Same as here, if it is not your primary residence.
Our house has gone up 12% in value since having it built, and buy the time we have completed landscaping they reckon nearer 20% in less than a year I think that is quite a good return on our savings.
Canada is a big place so property varies from province to province, so does property etc.
If in doubt don't do it. Otherwise join the many of prospectors, that see gold in them hills!
If you bring your goods when you come as a visitor, there is:
1. A good chance that you will not be admitted as a visitor as it would appear that your intention is to settle in Canada.
2. If you are admitted, you goods would be subject to duty and taxes, which if you were coming as a permanent resident they are allowed in as settlers effects, taxes and duty free.
PMM[/QUOTE]
#18
Forum Regular
Thread Starter
Joined: Feb 2005
Location: Liverpool UK
Posts: 44
Re: Buying property before PR granted
Originally Posted by Tiaribbon
We were asked for a deposit of $2,000 - we purchased our farm outright though so I don't know if this makes a difference, but I thought the original poster was buying outright?
Hi, thanks for the advise. You were right we were intending to buy outright but im thinking of renting now it all seems a bit complicated to try and keep a hold on from over here. Im a bit scared incase the worst happens, it would just be my luck to sink a lot of money into a house and fall flat on my face.
Ill still enjoy house hunting though.
#19
Premium Member
Joined: Feb 2004
Location: Ontario.
Posts: 1,928
Re: Buying property before PR granted
Originally Posted by Glaswegian
Apart from the point a PR doesn't expire
#20
Premium Member
Joined: Feb 2004
Location: Ontario.
Posts: 1,928
Re: Buying property before PR granted
Thanks for that Gooding. Yes I was pretty sure that you could bring furniture in for a holiday home, but I didn't know where I had read it, LOL!!
#21
Re: Buying property before PR granted
Hi Tiaribbon, Sent you a personal email recently regarding study visas. Do you not have that email address now in Canada??
I have decided to do the same so as I can get some definate date to be there, just wanted to ask a few questions from a women who knows!
Miss my house in Canada very much........
I have decided to do the same so as I can get some definate date to be there, just wanted to ask a few questions from a women who knows!
Miss my house in Canada very much........
Originally Posted by Tiaribbon
Thanks for that Gooding. Yes I was pretty sure that you could bring furniture in for a holiday home, but I didn't know where I had read it, LOL!!
#22
Yorkshire meets Vegas
Joined: Jul 2004
Location: T. ON (so there!)
Posts: 1,354
Re: Buying property before PR granted
Originally Posted by Posidrive
How does this apply to those of us arriving on a work permit who will then be applying for permanent residence as soon as we land?
You aren't allowed to sell anything over here, and you must undertake to reship everything when your temp visa expires...
#23
Premium Member
Joined: Feb 2004
Location: Ontario.
Posts: 1,928
Re: Buying property before PR granted
Originally Posted by gooding
Hi Tiaribbon, Sent you a personal email recently regarding study visas. Do you not have that email address now in Canada??
I have decided to do the same so as I can get some definate date to be there, just wanted to ask a few questions from a women who knows!
Miss my house in Canada very much........
I have decided to do the same so as I can get some definate date to be there, just wanted to ask a few questions from a women who knows!
Miss my house in Canada very much........