How to Invest in Canadian Property
The Canadian real estate market makes an attractive place to invest in because of geographic location and general stability of the economy. Those who invest in Canadian property must be aware of tax laws, the general market and currency exchange. Researching all three is highly recommended. Read on to learn more.
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Instructions
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Decide on the kind of Canadian property in which to invest. There are different rules for vacation homes, rental income property, commercial property or investing in property for a quick flip.
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Obtain professional advice both at home and in Canada. Engage the services of a tax lawyer on both sides of the border as well as an accountant. For instance, as a non-resident you must pay tax on rental income and pay tax when the property is sold.
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Determine a geographic location to invest in Canadian property based on what you want to buy. Use a nationally-based Realtor in Canada with experience in your specific area.
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Make the trip. Travel to Canada is easy by car or by air and it's a good idea to look at what you are buying.
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Look at the real estate history of the area where you invest. Avoid cities or towns where there's a history of real estate boom and bust, and go for places where there's been steady pricing or steady increases.
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Ensure you investigate specific real estate property rules in the individual Canadian province where you invest. Rules are different from province to province in the areas of land registry, taxes, reporting and other important areas.
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