Options for seniors with 250000 CAD in the kitty

[newcanadian2700]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

 

[scylla]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

I would recommend that you speak to an investment specialists. I don't think annuities are possible for your parents since they are only visitors to Canada and don't have SINs. Annuity income is taxed and they would need to be able to file taxes annually on the income recieved.

 

[Copingwithlife]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

Your income ,investments and tax rates paid to the Government are irrelevant.
By law an investment company and or bank MUST request a SIN # when a income generating account is opened, and it’s MANDATORY the account holder provide it .
At the end of the tax year a T5 will be generated showing amount paid and that’ll be filed with the individuals personal income tax. Since the non resident won’t have a SIN they won’t able to open an annuity.
And this would not just involve annuities. This would encompass any income or dividend generating stock. I get dividends monthly . At the end of the year I get a T5, I then pay tax on said income . Quite a lot of tax . I don’t mind it because I’m doing my part to keep the benefit programs people depend upon functioning, and to help the less fortunate in this country.
I’d probably be looking at opening an investment that generates income in their home country , since their stay isn’t permanent.
Then get the funds transferred
https://www.canada.ca/en/employment-social-development/services/sin/protection.html

 

[cansha]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

Why are they moving such huge sum of money if they are here as temporary residents? As the above posts explain on a TRV they can't get a SIN and hence can't invest in Canada.

 

[steaky]

Can OP's parents get a temporary tax number from CRA?

 

[scylla]

Can OP's parents get a temporary tax number from CRA?

Not possible. Temporary SINs are for international students and workers. You must produce either a study permit or work permit to obtain a temporary SIN.

 

[Copingwithlife]

Can OP's parents get a temporary tax number from CRA?

They might be able too .

SIN & ITN & TTN
ITN= Individual Tax Number
It’s used by individuals that aren’t eligible to get a SIN # so they can file a tax return
https://www.canada.ca/content/dam/cra-arc/formspubs/pbg/t1261/t1261-fill-21e.pdf


I’d call the CRA ITE

Social insurance number (SIN)
The authorized number for income tax purposes under section 237 of the Income Tax Act and is used under certain federal programs.

Temporary tax number (TTN)
An internal number provided by the Canada Revenue Agency to a taxpayer who resides in Canada for income tax purposes but who cannot get a social insurance number.

Individual tax number (ITN)
An internal number provided by the Canada Revenue Agency to non-residents who need an identification number but who are not eligible to get a social insurance number.

 

[steaky]

Not possible. Temporary SINs are for international students and workers. You must produce either a study permit or work permit to obtain a temporary SIN.

I am a Canadian citizen but I got the number.

 

[scylla]

I am a Canadian citizen but I got the number.

You got one with visitor status and before you were a PR/citizen?

 

[steaky]

You got one with visitor status and before you were a PR/citizen?

No, I got the number when I am citizen.

 

[scylla]

No, I got the number when I am citizen.

Right, exactly. My comments on the temporary SIN were for circumstances where an individual is a temporary resident (OP's parents aren't citizens or PRs). Where someone is a temp resident, they need to be holding a work permit or study permit to get the temp SIN.

 

[steaky]

Right, exactly. My comments on the temporary SIN were for circumstances where an individual is a temporary resident (OP's parents aren't citizens or PRs). Where someone is a temp resident, they need to be holding a work permit or study permit to get the temp SIN.

I got the temporary SIN when I was a non resident Canadian citizen. I think they don't even need to get those permits to get the temp SIN.

 

[scylla]

I got the temporary SIN when I was a non resident Canadian citizen. I think they don't even need to get those permits to get the temp SIN.

If someone is a temporary resident (i.e. not a PR and not a Canadian citizen), they must provide one of the following documents when they apply:

Required documents for yourself:

1. Primary identity document
   You must provide 1 of the following documents:
   • work permit issued by IRCC or CIC
   • study permit issued by IRCC or CIC which indicates the permit holder “may accept employment” or “may work” in Canada
   • visitor record issued by IRCC or CIC showing that you are authorized to work in Canada
   • diplomatic identity card and a work authorization issued by Department of Foreign Affairs, Trade and Development

 

[cansha]

I got the temporary SIN when I was a non resident Canadian citizen. I think they don't even need to get those permits to get the temp SIN.

The form for ITN has the following line

"Before you start: • Do not submit this form if you have, or are eligible to obtain, a social insurance number (SIN)"

As a non resident citizen you probably had SIN. Not sure how ITN was issued to you unless rules have changed recently.

 

[steaky]

The form for ITN has the following line

"Before you start: • Do not submit this form if you have, or are eligible to obtain, a social insurance number (SIN)"

As a non resident citizen you probably had SIN. Not sure how ITN was issued to you unless rules have changed recently.

The ITN was issued to me long time ago. Your line might be the revised version.