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QUESTION:
I am moving to canada from the US for a 3 year research fellowship in ottawa. After that I'll return to the US. I plan to buy a house in Ottawa. I realize mortgage interest is not deductible in canada. Are there other charges that are different than in the US, such as GST and other expenses?
I'd very much prefer to buy, but would rent if it is much more sensible.
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david ingram replies:
Buying a used house in Canada does not accrue a GST charge. You will pay GST on legal fees.
I had an office in Ottawa for 18 years and it still exists with my name on it under other ownership at 329 Waverly in Ottawa.
During that time, I participated in the purchase and sale of over 600 townhouses and condominiums and built the six story condominium building at 310 O' Conner.
I would not suggest that buying in Ottawa for a three year period is a good idea.
I do not believe that the next three years will see a real estate price increase in Ottawa.
Good luck. If you need help with the US / Canada tax system, I am here to help as you know.
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