The Adam Mills Team
‘Where Ottawa Is Home’

Royal LePage Canada Top 1% Chairman’s Club (Based on Gross Sales for 2018)

With the Canadian dollar being at its lowest point in years, the time to buy Canadian real estate has never been better (40% off with the USD).  Why Invest in Ottawa Real Estate?  The Ottawa market is one of the most stable in the country, as it is a Government city and the Nation’s Capital.

Real Estate Buying Process:

  1. Contact the Adam Mills Team – with our team of expert Realtors, Canadian Accountants, Lawyers and Financing Partner Referral Mortgages, we make the process easy;
  2. Contact your US accountant to review any tax implications with foreign real estate Investment;

Financing Overview:

As a foreign investor, you need a minimum of 35% downpayment.  The downpayment funds need to be placed in a Canadian bank account for 30+ days before the closing of your real estate purchase.  Our partners at Referral Mortgages will ensure you are able to secure “Best Market” Mortgage rates and can guide you through the financing process.

Taxes/Accounting Overview:

It is recommended you contact both your local accountant and a Canadian accountant (we can connect you with our accounting partner) to review the tax implications of investing in Canadian real estate.  The below is meant to be a guideline only:

While there are no additional taxes for non-residents when buying property, there are tax implications for non-residents when selling a property. Full details of the tax implications for non-residents selling property can be found on the CRA website, though you should talk to a Canadian accountant.

Further, there are tax implications surrounding the rental income. As a non-resident of Canada, you are required to have 25% of the gross rental income withheld and remitted monthly to the Canada Revenue Agency (“CRA”). Note, you can elect to file a Canadian personal income tax return, reporting only your Canadian rental property income. By filing this return, you may obtain a partial or full refund of the tax remitted to the CRA.  To better understand this process, you should talk to a Canadian accountant.

Legal Overview:

The legal process is fairly straightforward when purchasing Canadian real estate. We will help guide you through the process and can get you in touch with a real estate Lawyer when the time comes.

Other Helpful Links: