Housing

Toronto Foreign Home Buyer Tax

Intuit / Other
NoTaxation

IntuitOther

BIO
You won’t find anything useful here
NoTaxationmore
Jan 7

Canadian working in the US. Thinking of investing into a rental property in Toronto.

Toronto now impose tax on foreign buyers, but do Canadians residing overseas count? Also, any tips on getting mortgage in Canada when you live somewhere else?

TC: 225k

comments

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  • Facebook / Engtuscan
    No. Foreign buyers tax (NR Tax) doesn't apply to Canadian citizens
    Jan 76
    • Intuit / Other
      NoTaxation

      IntuitOther

      BIO
      You won’t find anything useful here
      NoTaxationmore
      OP
      You seem to have experience in this. How easy is it to get a mortgage as a non resident them? Do they also require 35% down?
      Jan 8
    • Amazon GetItDone_
      As long as you are citizen you are fine. 35% is for international / PRs
      Jan 8
    • Facebook / Engtuscan
      Getting a mortgage is super tough without 35% downpayment. I bought a home in Hamilton where I put 25% downpayment after tons of looking around.

      Also you will have to pay a 20% withholding tax on gross rent per month.
      Jan 8
    • Amazon GetItDone_
      Thats interesting. My friends and I were able to with just 20% for an apartment and we all work in US
      Jan 8
    • Facebook / Engtuscan
      Do you pay 20% withholding tax per month?
      Jan 8
    • Amazon GetItDone_
      Yup but to canadian govt though not US. I think the rental incomes usually are all taxed at 20%.
      Jan 8
  • Google anons2
    US needs this tax
    Jan 80

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