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Sent: Monday, February 24, 2003 12:39 AM
Subject: Moving to BC from Great Britain - What to buy - what mortgage
to get
My question is: Canadian-specific
QUESTION: I am British and intend to emigrate to BC. I am looking at buying a B&B or ski Chalet. I have a substantial deposit from the sale of my UK house. What are my tax implications? And would you recommend a personal or business mortgage? And any advice would be appreciated. ---------------------------------------------------------------------------
david ingram replies:
There are no tax
implications in Canada from or about the sale of your
UK residence. However, new currency laws in Canada mean
that you have to declare the money you are bringing with you if the amount is
over $10,000 Canadian Dollars.
Structuring the purchase of your business real estate venture
properly can result in substantial interest deductions. The best mortgage
broker to handle the purchase is Joan Marsh at (604) 535-9981. She can
arrange to have the deductible business part of the mortgage separated out with
a longer payment time so that you can pay down the non-deductible personal part
of the mortgage first.
Go to www.centa.com
and read the Nov 2001 newsletter in the newsletters section. The first
page deals with US tax returns and the next 11 pages deals with making mortgage
interest deductible in Canada.
We, of course, provide individual counseling. You would
likely be better off to buy an hour or so BEFORE you make your offer. You
can do the consultation in person or by phone.
US / Canada / Mexico Income Tax and Working Visa Matters
108-100 Park Royal South West Vancouver, BC, CANADA V7T 1A2
(604) 913-9133 Fax (604) 913-9123
Cell (604) 657-8451 10 AM to 10 PM 7 days a week |
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