Purchasing first time home after just landing....

[pettar2462]

Hi Everyone,

So I literally just landed last week in Canada with my PR. My wife (a Canadian citizen) I and had been casually looking at resale homes a few weeks beforehand, to just kind of get the ball rolling for when I officially landed. We figured it may take a while to actually agree on a something we both liked, and as the old story goes, we fell in love with something pretty much right away.

Since I just landed I obviously don't have any Canadian credit up here or banking. I just got my SIN and my drivers license updated and am planning on meeting with a few banks in the next couple of days.

I guess I'm slightly freaking out because we want to put a down payment on the house as soon as we can, but since I don't even have funds up here yet or credit, I'm REALLY freaking out about how to even go about this.

• What's the best bank in Canada to transfer my American funds to? (I called my banks in the states and they said it shouldn't be a problem - just a wire transfer fee, but I'm scared I'm going to get screwed over bringing funds up to Canada). I'm just really waffling on what bank to go with.

• Do I even have to transfer my USD's? Can I just make a down payment with my bank in the states, or is that not even an option?

• If I do or when I do move my funds up to Canada will I be taxed on them?

Any guidance or information would be amazingly appreciated. Of if something has gone through something similar. I feel like I'm so stressed about the situation that I'm just running in one spot.

Cheers!

 

[scylla]

Hi Everyone,

So I literally just landed last week in Canada with my PR. My wife (a Canadian citizen) I and had been casually looking at resale homes a few weeks beforehand, to just kind of get the ball rolling for when I officially landed. We figured it may take a while to actually agree on a something we both liked, and as the old story goes, we fell in love with something pretty much right away.

Since I just landed I obviously don't have any Canadian credit up here or banking. I just got my SIN and my drivers license updated and am planning on meeting with a few banks in the next couple of days.

I guess I'm slightly freaking out because we want to put a down payment on the house as soon as we can, but since I don't even have funds up here yet or credit, I'm REALLY freaking out about how to even go about this.

• What's the best bank in Canada to transfer my American funds to? (I called my banks in the states and they said it shouldn't be a problem - just a wire transfer fee, but I'm scared I'm going to get screwed over bringing funds up to Canada). I'm just really waffling on what bank to go with.

• Do I even have to transfer my USD's? Can I just make a down payment with my bank in the states, or is that not even an option?

• If I do or when I do move my funds up to Canada will I be taxed on them?

Any guidance or information would be amazingly appreciated. Of if something has gone through something similar. I feel like I'm so stressed about the situation that I'm just running in one spot.

Cheers!

I'll help with two questions:

- Yes, you need to transfer funds. Deposit and down payment will be in the form of a certified cheque in Canadian funds. You'll want to do this through a bank in Canada. Too complex to do through a US bank and you'll most likely need to move extremely quickly on the deposit.
- No, you won't be taxed.

 

[scylla]

Also - make sure you start working with a real estate agent asap if there's something you are interested in immediately. This will avoid false steps and errors. I'd start moving your money asap as well (at least enough to cover a deposit).

 

[pettar2462]

Also - make sure you start working with a real estate agent asap if there's something you are interested in immediately. This will avoid false steps and errors. I'd start moving your money asap as well (at least enough to cover a deposit).

Thanks Scylla! We did just sign up with a real estate agent officially last week! I wasn't expecting things to move this fast haha Such is life I suppose.
Thanks again!

 

[canuck78]

Unless you are paying cash also would get mortgage preapproval. Depending on your situation (employment, deposit size) you may be approved for less than you think.