I need help/ideas - If u could emigrate with CAD 100 000, how would u 'use' it?

[russellx]

Please help with ideas!

 

[shazfa]

I would invest on myself to improve my resume by acquiring canadian education, job chances will increase if you have canadian education in your resume.

 

[Pipis Husband]

I would invest on myself to improve my resume by acquiring canadian education, job chances will increase if you have canadian education in your resume.

Not necessarily, as we have lots of Canadians and other landed persons here who have sought higher education in Canada but it did not help their job chances at all. It is not automatic, rather, self preparation in terms of job readiness and knowing what is required in a job by an employer is much better. There are newcomer centres like ACCES Employment which have specialized training programmes for experienced professionals from abroad, you will gain much more going this route.

A good way to invest your funds would be in real estate especially in BC and Ontario which are very hot markets right now.

 

[shazfa]

Not necessarily, as we have lots of Canadians and other landed persons here who have sought higher education in Canada but it did not help their job chances at all. It is not automatic, rather, self preparation in terms of job readiness and knowing what is required in a job by an employer is much better. There are newcomer centres like ACCES Employment which have specialized training programmes for experienced professionals from abroad, you will gain much more going this route.

A good way to invest your funds would be in real estate especially in BC and Ontario which are very hot markets right now.

@ Pipis Husband,

Yes you are right property is a very profitable way of investing but dont you think CAD 100,000 is insufficient/low amount for buying any real estate ?

 

[scylla]

@ Pipis Husband,

Yes you are right property is a very profitable way of investing but dont you think CAD 100,000 is insufficient/low amount for buying any real estate ?

$100,000 is sufficient for a real estate down-payment - assuming a bank will give you a mortgage for the rest.

 

[SOTAJ]

$100,000 is sufficient for a real estate down-payment - assuming a bank will give you a mortgage for the rest.

How would the bank give you mortgage after the down payment without a job yet in Canada and after probably resigning from your job in your present Country of residence?

Ability to meet monthly repayment is also considered, you know.

 

[steaky]

How would the bank give you mortgage after the down payment without a job yet in Canada and after probably resigning from your job in your present Country of residence?

Ability to meet monthly repayment is also considered, you know.

Especially if you can show them you have other investments income such as mutual funds and bonds in or outside Canada and if you are resident for tax purposes in Canada, show them your T1 for the past year (s)..

Also if you have a guarantor, that helps too.

 

[Pipis Husband]

Especially if you can show them you have other investments income such as mutual funds and bonds in or outside Canada and if you are resident for tax purposes in Canada, show them your T1 for the past year (s)..

Also if you have a guarantor, that helps too.

I agree with this assessment as there many persons without a current job in Canada but who are able to provide proof of foreign investments/income that is deemed sufficient to qualify them for a mortgage here.

 

[russellx]

I agree with this assessment as there many persons without a current job in Canada but who are able to provide proof of foreign investments/income that is deemed sufficient to qualify them for a mortgage here.

I see. This is enlightening!

 

[russellx]

Especially if you can show them you have other investments income such as mutual funds and bonds in or outside Canada and if you are resident for tax purposes in Canada, show them your T1 for the past year (s)..

Also if you have a guarantor, that helps too.

Steaky,

Can you please throw more light on what you mean by being a resident for tax purposes?

Russ

 

[shazfa]

I agree with this assessment as there many persons without a current job in Canada but who are able to provide proof of foreign investments/income that is deemed sufficient to qualify them for a mortgage here.

If you buy a house on mortgage, is it possible to rent the house and pay the mortgage by the rents from your tenants? In this way you are paying nothing from your pocket. is it a good strategy ?

 

[Pipis Husband]

If you buy a house on mortgage, is it possible to rent the house and pay the mortgage by the rents from your tenants? In this way you are paying nothing from your pocket. is it a good strategy ?

Yes indeed, you can meet your mortgage payments from the rent on your property.

 

[steaky]

Steaky,

Can you please throw more light on what you mean by being a resident for tax purposes?

Russ

You can look up the cra.gc.ca website for a more detail description on "resident for tax purposes"

 

[torontosm]

If you buy a house on mortgage, is it possible to rent the house and pay the mortgage by the rents from your tenants? In this way you are paying nothing from your pocket. is it a good strategy ?

It depends if your rent is high enough to cover your mortgage payments, taxes and insurance. These days, with the elevated prices in most urban markets in Canada, the rental yields are nowhere close to being enough to do so, except for a few rare cases. On the whole, you will likely have to subsidize at least a portion of the rent if you do that.