Hello,
I'm on a TN1 Visa working in the U.S. I am returning to Canada permanently and would ideally purchase a home before leaving the U.S. Since I'd still be. a U.S. resident when that purchase was made, is there anything I should be aware of? I.e., will there be any additional cross-border tax implications associated with this?
Thanks in advance!
Moving back to Canada, can I buy a house beforehand from the U.S.?
Moderator: Mark T Serbinski CA CPA
Re: Moving back to Canada, can I buy a house beforehand from the U.S.?
You can of course buy a house in Canad anytime you wish. Being a Cdn citizen you will avoid any of the non-resident "taxes" that some provinces have put in place to curb foreign buyers, so that is not a worry,
However, the banks, all of them, must get a 35% down payment (instead of the 5% normal) if you buy as a non-resident, and most will not consider you resident until you live in Canada for six months.
However, the banks, all of them, must get a 35% down payment (instead of the 5% normal) if you buy as a non-resident, and most will not consider you resident until you live in Canada for six months.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Moving back to Canada, can I buy a house beforehand from the U.S.?
I've just done this. I was in the US on a TN visa, bought a house in Canada, and moved back last week. As Nelsona states, I put 35% down.
I got my mortgage through TD. They were initially adamant that I sign for the mortgage while physically in Canada (which would've been dificult given current quarantine restrictions) but eventually agreed to let me sign remotely from the US.
Good luck!
I got my mortgage through TD. They were initially adamant that I sign for the mortgage while physically in Canada (which would've been dificult given current quarantine restrictions) but eventually agreed to let me sign remotely from the US.
Good luck!