How do Canadian investment immigrants buy houses for their children?

There are many applicants for investment immigration in Canada, so how can investors buy a house for their children? This is a concern of many people who go abroad. Let's take a look at how Canadian investment immigrants buy houses for their children! Welcome to reading.

How do Canadian investment immigrants buy houses for their children?

How can Canadian investment immigrant applicants help their children buy a house in Canada? It is unwise to sell your house to your children at a low price. There are two main reasons: first, the residential houses where investors live do not need to pay taxes. If you sell it to your children at a low price, you will miss this great opportunity to save taxes and make money, especially for homeowners whose house prices have doubled or tripled in the past few decades.

The second reason is that as an investor, you can sell the big house and use the money to buy a relatively small house, and maybe there will be some money left. Moreover, if the investor has several children, selling the house to one of them at a discount will cause dissatisfaction among the other children, which will lead to family conflicts.

As an investor, if you really want to help your child buy a house, it is no problem to sell the house at a discount, but a better way is to sell the house at the market price, change to a small house yourself, and then give the extra money as a gift to your child as a house purchase fund. This kind of money for children is tax-free.

If you really want to help your child bear the down payment for buying a house, you can consider giving the money as an interest-free mortgage to your child, but you must pay it back when the child buys a house, and parents don't have to pay it back. One advantage of this method is that if the children divorce their spouses, the money cannot be regarded as the joint property of the husband and wife. Another advantage is to restrain children from disposing of their houses casually in pursuit of a more luxurious house.

Another way is to leave the house to the children through a will. Usually, after the death of the owner, if the house is left directly to the children or beneficiaries in his will, it will be regarded as being sold at the market price, but if the house is the main residence, it is usually tax-free.

It is not easy to inherit property from children.

Ms. Lucinda Main, a trust real estate lawyer of Beard Winter Law Firm, said that if the property is left to children in the will, the provincial government will charge a certain probate fee, and some provinces will charge a standard probate fee. For example, the probate fee for a house with a cost of $500,000 in a province is as high as $7,000. So many people will put their children in the column of * * * and the owner of the house to avoid this expense.

Many couples are the owners of the house. Once one of them dies, the house will be automatically transferred to the living one without probate. The living party can also add the children to the column of * * * and the owner of the house, so that when the parents die, the house will be automatically transferred to the children without paying any probate fee.

Even so, parents and children as houses may have contradictions and conflicts, so they don't agree. In this case, if parents want to sell a house or mortgage a house, they have to get the consent of their children. In addition, it is possible that the house will go bankrupt because of children, or disputes will arise because of children's divorce. In addition, if it exceeds 1 child, it is difficult to achieve balance.