Investing in Canada (Toronto & GTA)

Investing in Canada (Toronto & GTA)

Member since 2020 · 1 post · 0 votes

Hey!!

I am new to the BP community and was wondering if I could get some guidance on investing in Canada or learn from someone who has explored this option before. A little about myself/situation: I am originally from Toronto but I am working in the US (declared myself as a non-resident in Canada) but wife is American citizen. Given that, I personally understand the Canadian real estate market a little better and have a biased opinion about it.

I was exploring the option of investing in Toronto/GTA area. My goal is to have a few apartments or town homes that I can rent out to generate some cash flow and then sell in 5-7 years. A few questions that I have:

1. If we were to have a company under my wife's name, could I then invest in Canada through that? Given Canadian and US taxes, is this even worth a try?

2. Is it worth investing back home as a non-resident?

3. How easy is it to get mortgage there based on your income here in the US? Is it possible to get mortgage under the condition if we were to have a new company set-up under my wife's name?

Looking forward to any input! Really appreciate your help and time.

0Reply
19 views

2 Replies

Jump to latestLatest
  • Specialist · Toronto, Ontario · Member since 2012 · 2k+ posts · 891 votes
    6y

    If your wife is a US citizen you will get dinged with 15% foreign tax in Ontario

  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    6y

    @James Bauer  If you want to cash flow, I would not invest in Toronto or the GTA. First prices are really high to get into the market, second there are additional taxes.  Look at other areas (or provinces) and the rules are for foreign ownership (if your wife's name will be on it).  Not all provinces have restrictions on foreign ownership.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.