Buying property in Canada make large savings by using a currency exchange provider


Rachel Doyle
Rachel Doyle
Senior Content Specialist
Rachel has over 10 years’ communications and writing experience, having started her career in financial services where she spent nine years working in various roles. She started out in fund… Read more
  • Non residents can buy property in Canada, a non-resident is anyone who spends less than six months a year in the country

  • A 15% tax will apply on selling the property

  • Save on your international money transfers by using a currency exchange broker

Many people buy property in Canada as part of a retirement plan or a holiday home. As a home-owner, you will have the same rights as a Canadian and you will be considered a non-resident of Canada if you live in the country for six months a year or less. However, if you plan on living in Canada for six months or more a year, then you need to apply for immigrant status. You may even qualify for a mortgage, if you have at least 35% deposit for purchase. You will need to carry out your application with the bank directly and be able to provide proof of earnings, tax returns and any credit information.

When sending money transfers to buy your property engage the services of a currency exchange provider. They will save you money on the transfer costs typically charged by the banks and provide you with a bank beating rate on your transfer. Typically currency exchange brokers will offer you anywhere between 0.5% to 1.5% over the interbank rate, where a bank will offer at best 4% more. That is a big financial saving on a large financial transaction. They can also support regular payment schedules, so if you have mortgage payments to make, this will save you time and potentially money over the transfer fees. To find the most cost effective money transfer provider when changing Aussie dollars to Canadian dollars, use our online comparison tool.

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Editor's Choice is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.