Posted on: 17-02-08 02:55:09
Hello,
Is it possible to buy a condo in Canada while still living and working in the UAE?
What kind of tax problems will you run into?
I'm a permanent resident who just landed in Feb and have returned to the UAE to cotinue working.
Please advise.
Thanks,
Flotch
Quote:
Originally posted by Flotch
Hello,
Is it possible to buy a condo in Canada while still living and working in the UAE?
What kind of tax problems will you run into?
I'm a permanent resident who just landed in Feb and have returned to the UAE to continue working.
Please advise.
Thanks,
Flotch
______________________________________________________________
Hello,
I sincerely hope that you did not write this question when you were half a sleep.
Wake up and smell Roses or Coffee.
I won't run into ANY TAX Problem. It is you who will get Crucified.
Since you have returned to a country, UAE, where you enjoy a tax free status, try and maintain that status till you return back. For additional information on this topic see the appropriate section for guidance on this CD forum.
Don't forget that you need two years stay in Canada out of the next five to retain your PR status.
Enjoy the warmth of the SUN as long as you can.
Freddie.
Well Freddie, you don't have to be so snarky it was an honest question. And yes, I was half asleep I'm still jet lagging!!!
May it begin with this. I humbly apologise to you for a response of this sort. It was not intentional, but it is built into my line of thinking. Henceforth,
I will try and post my responses brief and to the point.
I will try and do my best.
Thanks for prompting.
Freddie.
Hello Flotch,
Somewhere we both are in same boat, You did your first landing and came back, I am to do my landing in this May, have somewhat similar things in mind, buy condo, come back to UAE, then go back forever after short period.
As far as buying condo, working in UAE , a wise thing to do??? well, it all depends on various factors like
How long you are planing to stay back in UAE?
Is your family back in Canada or they also back with you?
How much you will be taxable and are you ready to pay that considering other advantages you may have.
So it all depends on various factors, if you can elobrate more details, perhaps experts on this forum can share their views or guide you in a better way.
You may also hire a tax consultant and explain all your details so can accordingly you may take a correct decission.
By the way would like to get in touch, you may send me personal mail on this id of canadiandesi or on maplesdreams at g mail dot com
Mapledreams
Apology accepted :-)
May it begin with this. I humbly apologise to you for a response of this sort. It was not intentional, but it is built into my line of thinking. Henceforth,
I will try and post my responses brief and to the point.
I will try and do my best.
Thanks for prompting.
Freddie.
Flotch, we are in the same boat as you and thought on the same lines buying a condo before we finally come and settle here. To proceed I spoke to few of our Canadians friends (Non Desis) and all of them recommended not buying before we come. Why to be in a hurry?? They all suggested living in 1-2 areas first, knowing the area according to our preferences (schools, day cares, commute) etc. and then making a decision. Please don't listen to real estate agents, if you buy today you don't have to pay anything but for e.g. the condo you have bought and don't like it and want to sell, the cost of agent is 5-6% of the property price. So if your condo is for $250K, you'll be straight paying $15k as the agent fees, there are other costs involved too. (I might be wrong on exact figures but just wanted to say selling has costs too and buying too).
I'll suggest come to Canada first, stay here for a while and then make a choice when you know the neighborhoods fully.
I hope it helps.
Jona
