There was 0 hiccups or issues throughout this process that made my first home buyer experience very stress free. And of course, No one could come close to the rate he got us. Up to 2 years of employment history, and proof of recent pay checks. Aside from that, they got us a terrific product at a very competitive rate. Thanks for the A2A. I have recommended Steve to friends and family, and will continue to recommend his work and expertise to my network. As well as his perseverance, Vernon was continuously responsive to every correspondence that came his way. James and Mayra were so helpful, responsive and understanding throughout the whole process, and their expertise gave me a huge amount of reassurance as a first time homebuyer. mortgage. The efficient and effective work really allowed me to feel at ease that I was getting the best service, rate and lender to make my dreams a reality! to work with and exceeded our expectations. Aside from the low rate, as a first time home buyer, Steve spent so much time with me helping me along the way and educating me on an area I felt I didn’t know a lot about. Would highly recommend Scott to anyone looking for a mortgage broker! Thankyou James, and to your team, for always taking care of our family. I would recommend Steve and Mortgage Architects Brokerage to anyone looking to buy a home. Harrison made my move and the whole process of buying a place so easy. Second, non-residents must be present at closing, as there are no power of attorney options for closing. if you are in need of assistance , Mortgages.ca is your very best bet. If you are a Canadian citizen and resident and own residential rental property in the US, you are subject to U.S. income tax on any property income you receive from your U.S. real estate property. There was 0 hiccups or issues throughout this process that made my first home buyer experience very stress free.read more, James and his team at Mortgages.ca have… been wonderful to work with. James and his team were responsive and very helpful throughout the entire process. Those buying residential property in or near Toronto will be required to pay Ontarioâs Non-Resident Speculation Tax , which is 15 per cent of the purchase price. Scott from Mortgages.ca helped me through every step and was there anytime I had a question. You can see how dedicated he is.read more, It’s a scary situation, looking for a… mortgage. When a non-resident sells a Canadian property, the Canadian government takes 50% of any sale as a withholding tax. If the Canadian real property is sold while the individual is a non-resident of Canada, there may be tax owing as a result of the disposition. Canât recommend enough. Their speed, responsiveness, professionalism, accuracy and customer-centricity strengthen their unique value proposition against other competitors. 3. Who are non-residents according to the Canadian Law? so it was an easy process for me. This makes it easier to pass the property on without being trapped in probate, and can cut costs and hassle. The condo is currently up for sale. Non-Canadian citizens and non-permanent residents of Canada buying a property in the Toronto region must pay a 15% tax on closing. I am convinced that James worked some miracles for me and I would recommend his services to everyone.read more, As a first time buyer, I wasn’t sure… what I was getting myself into. Highly recommended!!! what I was getting myself into. He is very professional and made me feel like his priority. He was always available and answered every phone call or text immediately. Thank you for a great experience, you’ve earned a client for life!read more, James and his team jumped through hoops… to help us nail down attractive financing in short order after we made a spontaneous decision to move up the close on a house. Canada has an open-door policy for foreign property ownership, and affordability is also an attractive feature, as Canadian housing prices are generally lower than those in other comparable global destinations. TransferWise payments are made using the mid-market exchange rate - the same one you’ll find on Google - so there are no hidden charges to worry about. Being a first time home buyer, I had a lot of questions that would come to me at different times through the home buying process, but Steve was there to hand hold me and answer all my questions patiently through texts or calls. He was so helpful, knowledgeable and always quick to respond. TransferWise is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011, Firm Reference 900507, for the issuing of electronic money. It has nothing to do with citizenship. They made my life so easy and they were extremely genuine and trustworthy. absolutely incredible. I own a home, free and clear, thatâs worth almost USD$1.8 million. Thanks so much for helping us find our dream home Steve! They also went above and beyond in terms of prompt responses and help during the erratic timelines of the offer and closing process. First, a buyer will need to visit Canada to open a Canadian bank account. We were a bit overwhelmed. the best in the business. Lenders typically ask for a larger down payments from non-residents of Canada than they do from resident borrowers. We had a complicated inter-provincial sale that threw a lot of curves, but Scott was always there to help resolve the issue, calm our nerves and get us to where we had to be. Our services are free to the home buyer. Fantastic service! The NonâResident Speculation Tax (NRST) is a 15 per cent tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable ⦠Would highly recommend. When a non-resident sells a Canadian property, the seller must provide the buyer with a clearance certificate prepared by the CRA. I found my mortgage broker for life!read more, James is really good at what he does.… We had a unique situation so our mortgage required expert review. A down-payment of 20% may be accepted in this case.⁴, If you want to get a Canadian home loan, you’ll need a Canadian bank account. Most importantly they were very responsive eliminating any concerns.Such a pleasure ðread more, James Harrison got me the Best Mortgage… Rates TWICE Now! If, however, the real property is depreciable property (e.g. Canadaâs laws regarding foreigners buying real estate in the country are not related to citizenship. Just got back from seeing my lawyer who actually fist pumped me on the amazing rate we got. Steve was wonderful to work with throughout the process! I’d certainly recommend. They made our complex file very easy for us to understand and complete and were always available and responsive when we had questions. Thanks, XXXX . Aside from that, they got us a terrific product at a very competitive rate. Make sure you check out all the details for the area you want to live in - and don’t forget to choose a safe, low cost service for making international payments when you need to open your bank account and arrange your home’s downpayment. But weâre happy to explain the details. Filing and paying U.S. taxes is a fairly straightforward process â you need to report the gain (or loss) of your property on a U.S. Non-Resident Income Tax Return (1040NR). He took two totally green home buyers, my wife and I, and held our hand through the entire processâobviously, securing a killer mortgage at a great rate, but also leaving us floored by his knowledge, his savvy, and frankly his total patience and candor through every last detail and every point large or small.The best review of a mortgage broker may be that you’d recommend them to others. Steve was excellent at answering our questions quickly and clearly. The most publicized are the B.C. James and Zayna provided exactly the perfect combination of professionalism and caring that we needed. It’s wise to check the exact documents your own bank will need to get your mortgage arranged. And of course, No one could come close to the rate he got us. From my first interaction with James, to the closing process with Zayna, I can confidently say that their team is the very best. If you’re buying a property to rent out - and don’t intend to become a resident of Canada yourself - you may also have to pay additional taxes.¹ Make sure you get the right professional advice to complete your purchase legally. I canât recommend him enough. However, Canadian citizens are not subject to the 15% non-resident ⦠This means that 35 percent of the cost of the real estate must be paid in cash, and a maximum of 65 percent of the value is ⦠and we cannot say enough about him. He is very professional and made me feel like his priority. You are a non-resident for tax purposes if you: normally, customarily, or routinely live in another country and are not considered a resident of Canada. I would highly recommend Scott for any mortgage needs. Scott not only demonstrated professionalism through the process, his care and concern for our well-being has resulted in us actually considering him a good friend. Heâs the best! It is not intended to amount to advice on which you should rely. (Likely, it could be a lot cheaper than your bank. My discerning Banker’s eyes went wide when she saw the rates and the deal they got me – and THAT’S an endorsement,read more, This was our second time using Steve… and we cannot say enough about him. During the pandemic, it was very easy to work virtually with James. We had a unique situation so our mortgage required expert review. top! When it comes to buying or owning property in Canada, non-residents have the same rights of ownership as residents and citizens of Canada. The beneficiaries of the deceasedâs estate are considered to have acquired the real property at a Canadian tax cost equal to ⦠Everything was so quick and fast and James even responds when he is away (you don’t need to do this James but its appreciated!!) I would highly recommend the team at Mortgages.caread more, I would like to thank James and the… team especially Mayra for their professionalism and help in making this process seamless and actually enjoyable. I found my mortgage broker for life! The Income Tax Act in Canada offers the claim that when a non-resident in Canada would sell a property, the individual is expected to pay the specified amount of tax on the overall gains. The quick answer is: YES, it is possible, but under certain conditions! My rate was 2.89 for 3 years, which was the best rate I could find. I’m so happy in my new home and I have mortgages.ca to thank! If you are considering buying an income property as a non resident, keep in mind that you will be required to set aside 25% of the income for paying any government taxes that may be incurred once you go to sell. Thanks for helping us own our dream house and a piece of this great city!read more, I was referred to Steve from a… colleague and I have been blown away! Your tax obligation can end here, but if you choose, you can file taxes with the CRA and have that amount reduced by your expenses. They also went above and beyond in terms of prompt responses and help during the erratic timelines of the offer and closing process. A friend referred us to James and Mortgages.ca and we will be doing the same. Warm hearted, kind, generous – and everybody needs more of that. The team took really good care of me and helped me from beginning to end. Canadian Law always takes the time to explain the pros and cons of each alternative in. 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