Investing in real estate property in Canada can be highly profitable to you, if you can rightly understand about the tax laws prevailing in this part of the world. Particularly, it would be wise to develop your knowledge about the laws that applies particularly to the real estate investments. Here, it should be remembered that for purchasing property in Canada, it is not at all essential that you should be an occupant or a resident in this country. You can just be an occupant staying on a temporary basis. On the other hand, you will have to comply with the immigration needs, if you are planning to extend your stay in this nation or planning to become permanent resident. Even though, non-residents can own a rental property in this part of the world, they will have to file an annual tax return with the Canada Revenue Agency. Some of the tax formalities to be taken care when you have made a Canadian real estate investments are discussed in the following paragraphs:
Property taxes: Once you have purchased a Canada joint venture property or a normal house, you will have to pay a provincial transfer tax. The rate of this tax will differ from one province to another. However, generally, it will be around one percent of the first $2 lakhs and two percent on the remaining amount. However, some exemptions are applicable, if this is your first property investment in Canada.
The local municipality will also levy annual property taxes on the basis of the value of the property they are assessing, which will be nothing but the market value. The municipal tax will have school and other taxes added to it. Here, it would be wise to get the help of a professional firm with a good level of experience in real estate investment in Canada.
The professionals with a good level of experience and knowledge in Canadian real estate investments can provide you the right kind of guidance with respect to the houses that can provide you greater return on your investment. They will rightly judge your financial situation and the area of your actual residence and will accordingly suggest you with the right remedies as to whether you can go to the Canada joint venture property or a wholly owned house. When you hand over the task of finding the appropriate house to them, they will complete the task to your utmost perfection.
The process of selecting an investment property should be systematic. Glennsimoninc.com provides Canadian Real Estate Investments for your property in Alberta Oil Sands, Canada. It also offers Canada joint venture property which is very effective in real estate investments. For more details, visit us.
Is Canada The Best Place For Real Estate Investors?