Quote:

---

Orginally posted by Rohit69

Val,

Property agents r nowadays waiting for immigrants at the airport..its that nasty because of desparation...

---

-----------------------------------------------------------------
Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK

This may be stating the obvious but
isnt it better to put 25% down so you can avoid CMHC mortgage insurance fees ? the lower your mortgage..the less you have to pay each month.


Rohit69: how can having money be against you in later years. You have stated this in many places but dont back up your statement with facts. Can you clarify please?

I also disagree that its 'easy to get a house '. You have to have good credit..a downpayment etc.

Val: There is tons of information available online and in print for people who are first time homebuyers. Talk to other people that have bought homes but plz do your own research.

good luck

-----------------------------------------------------------------
~ Morning rain

I am purely referring to new immigrants who come here at a later stage of life and start off at a lower level and have lesser working years left b4 they retire.....this is not for 2nd gen CD's...

Now for a New Immig...lets assume that

a) at 65 he is left with $250,000 as his net worth...which is feasible.

b) He & spouse get about $25,000 as annual pension from 65 onwards...which is also possible and this pension can be taken anywhere in the world...and since this amount is pretty low, it will not attract any tax in Canada...am I right?

c) For the couple to continue in Canada in their own house / Apt they wud need at least $1500 p.m or say $18K p.a...correct?..if they stay in their own paid out house.

d) If they stay in a temporary basement on rentals, and meet all their costs they might spend $2000 p.m

e) if they stay with their children and share costs, they might spend $700 p.m

f) Income earned in canada will not be subject to Tax in India if they stay outside India for 183 days...correct

g) Income earned in India can be conveniently taken in cash or in any other hidden form...correct? No goddamn Canadian authority will know about this.

h) if you r outside canada for more than 6 months, the income earned outside is either tax exempt or taxed at a lower rate...I have to check on this.

i) Cost of living in India in your own house/ apt...$250 per month...correct

j) Cost of air fare for both once a year $3200 correct.

j) Cost of a brief 7 days holiday in Dubai or wherever en route to Canada from India $1000..assuming the couple r still able toshare a bed in one room...lol...

k) cost of a 2 bed room flat in a major city down payment $150K..correct

l) Amount available to invest in India if there is no house owned in Canada..$100K..correct?

k) Income generated from $100 K investments clandestinely in India in different mixed investments..$10 K or 10%(after tax)...Correct?


Now I have given you all the parameters...I guess you are smart enough to work it out...

Bottom Line...I would spend $4200 come to canada via Dubai and stay with my children for 5 7/8 months spend $4 to $5K... go back to India and live in my own house for 5 7/8 months and spend $2K....in all I would spend $11 to $12 K max...and freak out on the rest of my money..have a driver..have servants and get a massage everyday...

Why the F*** should I live in my house in Canada and struggle spending $18000 or more every year and keep shovelling snow or drive my own car and pay Freakin insurance...

Comments invited

Quote:

---

Orginally posted by Rohit69

I am purely referring to new immigrants who come here at a later stage of life and start off at a lower level and have lesser working years left b4 they retire.....this is not for 2nd gen CD's...

Now for a New Immig...lets assume that

a) at 65 he is left with $250,000 as his net worth...which is feasible.

b) He & spouse get about $25,000 as annual pension from 65 onwards...which is also possible and this pension can be taken anywhere in the world...and since this amount is pretty low, it will not attract any tax in Canada...am I right?

c) For the couple to continue in Canada in their own house / Apt they wud need at least $1500 p.m or say $18K p.a...correct?..if they stay in their own paid out house.

d) If they stay in a temporary basement on rentals, and meet all their costs they might spend $2000 p.m

e) if they stay with their children and share costs, they might spend $700 p.m

f) Income earned in canada will not be subject to Tax in India if they stay outside India for 183 days...correct

g) Income earned in India can be conveniently taken in cash or in any other hidden form...correct? No goddamn Canadian authority will know about this.

h) if you r outside canada for more than 6 months, the income earned outside is either tax exempt or taxed at a lower rate...I have to check on this.

i) Cost of living in India in your own house/ apt...$250 per month...correct

j) Cost of air fare for both once a year $3200 correct.

j) Cost of a brief 7 days holiday in Dubai or wherever en route to Canada from India $1000..assuming the couple r still able toshare a bed in one room...lol...

k) cost of a 2 bed room flat in a major city down payment $150K..correct

l) Amount available to invest in India if there is no house owned in Canada..$100K..correct?

k) Income generated from $100 K investments clandestinely in India in different mixed investments..$10 K or 10%(after tax)...Correct?


Now I have given you all the parameters...I guess you are smart enough to work it out...

Bottom Line...I would spend $4200 come to canada via Dubai and stay with my children for 5 7/8 months spend $4 to $5K... go back to India and live in my own house for 5 7/8 months and spend $2K....in all I would spend $11 to $12 K max...and freak out on the rest of my money..have a driver..have servants and get a massage everyday...

Why the F*** should I live in my house in Canada and struggle spending $18000 or more every year and keep shovelling snow or drive my own car and pay Freakin insurance...

Comments invited

---

-----------------------------------------------------------------
~ Morning rain

Ok - thats an individuals's choice. Fair enough.

Though my question is: whats wrong with driving ur own car? doing things for urself including driving, shovelling, shopping etc keep your mind active and your body healthy and young.

I hope you dont take my frame of reference always to be from a second gen perspective only. I try to put myself into the place of a first gen as often as I can.

Quote:

---

Orginally posted by Rohit69



k) Income generated from $100 K investments clandestinely in India in different mixed investments..$10 K or 10%(after tax)...Correct?

Nice analysis Rohit, But I have to disagree with you on this 1 calculation..where in the whole world you get trouble free 10% returns on investment...can you advice?.. the whole genre of investment consultants are looking for you ...I am referring to trouble free, which means you can still earn that without having to keep track or followup on the principal amount, staying almost 6months out of country and still wishig your principal does not evaporate before you retrun.

Nothing personal rohit...

Hiren