My son in Toronto since 2017 wants to buy an Apt , Do people get tax waiver as in India, what is the homeloan interest in Canada and what are the hidden costs, what will be the percentage of downpayment, can somone clear my doubts. Thanks in advance
Housing
- Thread starter BOLLENENI
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What is your son's immigration status in Canada?
There are taxes for foreign home owners. Does he have stable income? The interest and amount of mortgage he can get depends on that too.
Here is some general information but most of them apply to PR or Canadian citizen:
https://www.canada.ca/en/financial-consumer-agency/services/buying-home.html
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He should be doing his homework.
Here is a guide for new comers that I got from the previous link that I posted. It's published in 2018 so the information may be a little outdated but I think still good information. Did he contributed to RRSP and/or TFSA? I think those can be used/withdrawn as downpayment.
https://www.cmhc-schl.gc.ca/en/consumers/home-buying/newcomers/buying-your-first-home-in-canada-what-newcomers-need-to-know