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Non residents can buy property in Canada, a non-resident is anyone who spends less than six months a year in the country
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A 15% tax will apply on selling the property
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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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