US Clients
US Clients - Moving to Canada
Take advantage of all the benefits allowable for Employers and Employees within Canadian tax law.
From personal tax exemptions to mortgage product differences, there are many factors to consider when Employees relocate to Canada. Take advantage of all the benefits allowable for Employers and Employees within Canadian tax law by contacting Group Mortgage Plan today.
- Mortgage Interest Costs - Canadians are not eligible to deduct the interest paid on their mortgage. Therefore, the benefit of Group Mortgage Plan's Subsidy Option is tax-effectiveness, as a potential tax deductible expense for the company and a potential taxable-effective benefit for Employees.
- Products- For most Canadian consumers, the maximum ‘accepted’ mortgage term is 10 years - minimal appetite for 25 or 30 year mortgages.
- Application Fees - Are not as relevant in Canada as in the US. In Canada, it generally costs nothing for a client to obtain a mortgage approval.
Overview of Mortgage Costs/Fees
Fee Type
High Ratio (LTV>80%)
Conventional (LTV <80%)
Who Pays Fee
Insurer Application Fee
$235
$190
Group Mortgage Plan
Solicitor - Closing Costs
$500 - $1500
$500 - $1500
Mortgage Client or Employer
Property Appraisal
$250
$250
Group Mortgage Plan
Mortgage Transfer Fee (from other lender)
Up to $200
Up to $200
Group Mortgage Plan
Provincial Sales Tax (PST)
8%
$0
Mortgage Client or Employer
Insurer's High Ratio Premium
Up to 8.05%
$0
Mortgage Client
Land Transfer Tax
$1000+
$1000+
Mortgage Client
Utility Hook-Up (new construction only)
$1000
$1000
Mortgage Client
To discuss a customized relocation plan please contact our Group Mortgage Plan experts.