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CLR

Investing in property from SA

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CLR

Hi,

Our kids got PR and the grand plan is for them to sponsor us eventually. But they only moved recently and 3 years is still a long way off.

As the Rand is plummeting day by day, we are considering investing in property in Canada (Ottawa and surroundings). But we do not know either the tax implication in SA or in Canada of buying a property and renting it out. Does anybody on this forum did it recently (SA tax laws changed) or knows somebody who give us more info on the "gotcha's" involved.

Thanks a mill.....

PS: I have also read a lot of stories about Granny Visa's being refused cause you cannot prove you have ties back in SA or would not leave Canada after getting the Granny Visa. Wil having a property in Canada have a negative effect on us getting a Granny Visa?

 

 

 

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MaryJane

Not too clued up on all things related on having investment properties in Canada, but....

If you are a Canadian non-resident (foreigners included), owning a property in Canada and renting it out, the rent is subject to 25% withholding non-resident tax. Some additional info can be found here - https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4144/t4144-17e.pdf

I seem to think that you may need the help of an (real estate?) agent, as well as a tax advisor.

Hope someone on the forum can assist.

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Wolverine

well, if you can, buy a business or invest in one. That should open the road to canada for u, using the investor stream. Correct??

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