Tax on N.American investment property

S

Silly

Guest
Hi there
Looking at investing in an investment property in Canada. I currently live and work in Ireland

1. Am I liable to pay tax on the rental income in Canada or Ireland? Does the same tax rate apply as if the investment was in Ireland.

2. am I liable to capital gains tax in Canada?

many thanks.
S
 
Hi,
Are you going for a canadian mortgage by any chance? There were apartments in Toronto advertised in the sunday papers. They looked good to me.
 
Tax on N. American investment property

Hi
Was thinking of Toronto as have a brother living there who is an investor but he was dubious about the apts on the paper over the weekend - there are a glut of unrented apartments in Toronto at the moment in 'bad' areas and loads more going up!

Would I be able to get a mortgage from a Canadian bank? Would this work out more tax-efficient than re-mortgaging my own home here?

Thanks for your help - am new to this.
regs, S
 
Re: Tax on N. American investment property

Interesting. Here is what I got from the estate agent about those places in the papers:

There is a management company who shall look after the initial letting and
management which is free for the first year. Thereafter it would cost 50%
of one months rent to find a Tenant and ?480 to manage for year 2 if you
wished to retain the agent.

Canadian mortgages are available - up to 65% @ 5% pa
 
RE: N american investment

Hi Kerinsip
I got the same info from the agent. All fine for year 1 on paper but cannot rent condos in TO at the moment. Also the ones on offer in this case are much smaller than the average apt in TO. Pity as it looked like a good innvestement. It certainly pays to have a contact in the place of interest.
Silly
 
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