Investor · Montreal, QC · Member since 2019 · 24 posts · 6 votes
Anyone has experience with co-owning a property in Canada with a partner who’s Canadian but works in the UK/overseas. Where could I find more details about this topic. Thank you!
You want to know their tax residency. If they emigrated out of Canada for tax purposes, then I can see them being treated as a non-resident for lending purposes and also as a non-resident for tax purposes. They should speak to an accountant as there are withholding taxes on rental income and sale of real estate that will be applicable to a non-resident.
@Stephanie Blouin Your partner, even though a Canadian citizen, is considered a 'non-resident' per mortgage guidelines. Your bank requires 35% down, I usually structure such mortgages with a lender that requires 20% down. If s/he works and lives in the UK but file taxes in Canada, that's a different story. Have a wonderful Thanksgiving!
Hi Julie and Pavel, Thanks for your replies to my post. I have talked with a mortgage broker and my partner and I decided I would be the only person on the mortgage to avoid having to put 35% down. We will look for someone with more creative solutions for our next properties.