Basic Facts for Non-Resident, First-Time Home Buyer in Canada
There are many reasons to migrate to Canada. The country is known for its high quality of life, low crime rates, and welcoming attitude toward immigrants. Canada has a strong economy and a well-developed social safety net, which can provide security and opportunity for those who move there.
There are many reasons why Canada has such an excellent reputation around the world. For one, it is a very welcoming and inclusive country with a strong focus on multiculturalism. It means that people from all different backgrounds and cultures can feel at home in Canada. Additionally, Canada is known for its natural beauty, stunning landscapes, and diverse wildlife.
As a non-resident of Canada, you may be wondering if you can purchase a house in the country. The answer is yes; you can buy a property as a non-resident. However, there are a few things to remember, especially since you are a first-time home buyer in Canada.
Who Is Considered a Non-Resident?
You are considered a non-resident if your stay in Canada is less than 183 days a year. However, there are a few exclusions to this rule. For instance, if you are a student or a member of the Canadian Armed Forces, you may still be considered a resident even if you are only in the country for a brief period.
It means that you will be subject to Canadian taxes on your worldwide income and any gifts or inheritances you receive from Canadian residents. However, if you live outside of Canada for more than six months of the year, you will be considered a non-resident.
If you are a non-resident of this country, you may still be eligible for certain tax credits and deductions. However, you will not be able to claim the basic personal amount, a non-refundable tax credit available to Canadian residents.
What Are the Other Considerations?
Indeed, Canada does not have any strict rules when it comes to citizenship or residency to purchase a property. It makes Canada a desirable destination for first-time home buyers in Canada.
However, it is critical to remember that while there may not be any strict rules, some requirements must be met to purchase property in Canada. For example, all first-time home buyers must have a valid credit score and be able to provide a down payment.
Additionally, knowing the different types of property bought in Canada is critical. For example, there are restrictions on purchasing farmland and other rules for buying condominiums. Overall, Canada is a great place to purchase property, but it is still essential to do your research and make sure you are aware of the requirements before making any decisions.
THE BOTTOM LINE
If you are a Canadian non-resident looking to purchase a home, there are a few things you need to keep in mind. You will need a valid visa and sufficient income to qualify for a mortgage and be prepared to put down a larger down payment than residents. However, with careful planning and research, it is possible to buy a home as a Canadian non-resident.
Most importantly, you should consult Level Up Mortgages. We will help finance your purchase like other first-time home buyers in Canada. So, contact us now for the requirements!