All Forum Posts by: Chris Baxter

@Mike Helminger here is the Canada Revenue Agency (think IRS) page on treatment of rental income... There are also links to pages that deal with disposition of properties https://www.canada.ca/en/reven...

@Leon Doucette  have a look at lawdepot.ca.  You can use stock contracts for minimal fees. Even if you choose to engage a lawyer, having a read through stock contracts will help you identify what needs to be included in your partnership agreement. ALWAYS have an agreement... even with your best friend... 

@Ryan Kenneth  I'd suggest reaching out to your PM to help estimate expenses for a prospective property.  Here is what I have for costs on a 22 unit building in Moncton:

Insurance: $7500

Cleaning (common areas, with 4 entrances, 3 stories): $1,000

Garbage removal: $4,000

Radiant heating.... only applies to 3 units in the basement, so not comparable.

@Abhishek Arora Welcome to Canada, and to BP!  Here is an article to get you started on how to build credit in Canada:  https://www.greedyrates.ca/blo...  You are likely looking at an 18-month process to build a credit history, which will give you lots of time to learn about your chosen markets, build connections, and form your business.   Alternatively, you can invest in the USA and leverage your existing credit history.

As far as corporations go, there is only one corporation structure in Canada, but you can incorporate provincially (preferred, ideally in the province you plan on investing in) or federally.  Here is a short primer to get you started:  https://www.ownr.co/blog/guide...  This is the official incorporation info for Alberta:  https://www.alberta.ca/incorpo...

Good luck!

@Elijah Williamson, the topic of Canadian REI books comes up often.... here are some threads (search 'canadian books')
https://www.biggerpockets.com/...
https://www.biggerpockets.com/...

My top 3 (in no particular order):

-Commercial Real Estate Investing in Canada (Boiron and Boiron)

-Making Money in Real Estate (Gray)

-Legal, Tax, & Accounting Strategies for the Canadian Real Estate Investor (Cohen and Dube)

@Leon Doucette where is the property located (which province)?  In many jurisdictions, the assessed value has a land and a building component.  Changes to land zoning can have a large impact (residential to agricultural, for example), as can removal / destruction / severe damage to buildings. 

@Izayah Cortez Estick-Pulido  congrats on the effort.  I'd be happy to have a look at your analysis and provide feedback. I no longer invest in Ontario, but I do have a history there and can let you know if you are missing anything in the analysis. 

Wholesaleing isn't really a thing in Canada, but you can find money partners if your deal is sound. 

@Sahil Agnihotri... I always find it best to look for where a city is headed... have a look at Moncton's OCP (official community plan):  https://www5.moncton.ca/docs/bylaws/By-law_Z-113_Municipal_Plan.pdf as a starting point.  

@Mike Dovich  Welcome to BP!  We are in the process of refinancing Canadian MF properties to take advantage of the market and using this to buy property in less crazy markets in the USA. So... yes, it makes sense to look where properties cash flow. The world is a big place... 

@Account Closed   it doesn't matter where the investors live. What matters is 1) the jurisdiction that your business is in (Canada or US) and the type of business you create (partnership, corporation, etc.).  With respect to 1, you generally want to structure in the country where you are investing.