Bringing money to buy a house.

[Amazonboy2020]

I wanted to ask if anyone brought money from abroad to buy a house.
I have my money and my parents gift money to help me buy a house here. How do you bring the money and are there any restrictions?
How much can you bring? Would this create problem with the CRA?

Thanks,

 

[canuck78]

I wanted to ask if anyone brought money from abroad to buy a house.
I have my money and my parents gift money to help me buy a house here. How do you bring the money and are there any restrictions?
How much can you bring? Would this create problem with the CRA?

Thanks,

If large amount of money is transferred it will be picked up by FINTRAC. Be prepared to have a paper trail of where all the money come from both you and your parents will need to show how they go the money.

 

[Amazonboy2020]

Oh okay. Do you know what is the paperwork required or where I can find this type of info? Thanks for the reply =)

 

[Mr_Chang]

Remember if you have plans to use your money brought from abroad only as a downpayment and will be supplemented by a bank loan then there might be additional requirements by the bank/mortgage insurer that you'd have to fulfill.

 

[Exthinker]

Restrictions are imposed on a large amount, in which case you have to explain where it came from.

 

[canuck78]

Restrictions are imposed on a large amount, in which case you have to explain where it came from.

It’s not a restriction you just need to show that the money is coming from a legitimate source.

 

[steaky]

A new home is cool, but don't forget about replacing old windows. It is important. A friend of mine recently advised me a site where you can easily do this. If you are interested, then here is this site https://thwindowsdoors.com/oakville-windows-and-doors/ . I myself have not used this site, but my friend says that it is not bad, so you can try it if you need it.

If the home is brand new, why would you want replace the windows?

 

[Exthinker]

Restrictions are imposed on a large amount, in which case you have to explain where it came from. Of course there`s nothing criminal about it, it's just stressful to explain to certain services where particular invoices come from. But I think you`ll succeed with the transfer of money. About the house - I advise you not to save on decoration or repairs in general, if such a need arises. It`s better to buy quality goods - but they`ll last a really long time. I like the store baliandboo.com, for example, a lot of things I bought there for my house.

 

[steaky]

Restrictions are imposed on a large amount, in which case you have to explain where it came from. Of course there`s nothing criminal about it, it's just stressful to explain to certain services where particular invoices come from. But I think you`ll succeed with the transfer of money. About the house - I advise you not to save on decoration or repairs in general, if such a need arises. It`s better to buy quality goods - but they`ll last a really long time. I like the store baliandboo.com, for example, a lot of things I bought there for my house.

There are no restrictions imposed on a large amount.

 

[emamabd]

I wanted to ask if anyone brought money from abroad to buy a house.
I have my money and my parents gift money to help me buy a house here. How do you bring the money and are there any restrictions?
How much can you bring? Would this create problem with the CRA?

Thanks,

Talk to your bank/financial advisor in advance and prep. them. As long as the money is traceabe and you are able to answer any questions that may come up during the process you will be fine.

 

[emamabd]

A new home is cool, but don't forget about replacing old windows. It is important. A friend of mine recently advised me a site where you can easily do this. If you are interested, then here is this site https://thwindowsdoors.com/oakville-windows-and-doors/ . I myself have not used this site, but my friend says that it is not bad, so you can try it if you need it.

The OP did not ask for advice on rennovation..at least not yet

 

[steaky]

It is really possible to get home or home loan with bad credit?

Start your own thread or read older threads of the same topic.

If you have the money, you can pay by cash. No need to apply loan. Bad credit not a problem.

 

[patdaniel]

If the home is brand new, why would you want replace the windows?

If the windows of the house are not in the desired design, they can change them. When I moved to my new house, I had the windows designed even though it was a very new house.