# Emigrating to Canada but would like to keep Irish home AND have cash lump sum



## ClubMan (11 Jul 2007)

Somebody asked me to post this on their behalf for consideration by _AAM_ contributors.


> “I have accepted a job in  Canada which I am  going to enthusiastically. I have a house in Ireland  which I like. It’s worth about €500k with around a €200k mortgage. I would like  to keep the house in Ireland  so that if I don’t like Canada, I will  have a home to come back to. But I would also like to have a lump of money to  buy a house in Canada. How can I  reconcile these two?”


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## Graham_07 (11 Jul 2007)

Good equity in Irish house. Canadian property a good bit cheaper than here I believe. Would raising loan on Irish property, using that to purchase in Canada, renting Irish property to service loan together with what would have already gone on original mortgage work? I'd suggest a chat with friendly mortgage advisor to see if its viable.


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## ClubMan (11 Jul 2007)

Clarify the tax implications of renting the property out too if you are considering doing this - see here for example.


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## Brendan Burgess (11 Jul 2007)

You should have no trouble getting an extra €100k onto your Irish mortgage. 

I would recommend against buying a home in Canada if you have any doubts about settling in. Having said that, buying a home will help you to settle in. 

ClubMan is right to suggest that you should consider the tax consequences. But the underlying issues here are far more important. Don't let the tax tail wag the dog. 

If you do decide to sell your home in Ireland, sell it within 12 months of leaving the country so that you will have no CGT to pay on it. 

Brendan


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## ClubMan (11 Jul 2007)

Brendan said:


> You should have no trouble getting an extra €100k onto your Irish mortgage.


How can you say that with no details of the original posters ability to service the increased loan?


> If you do decide to sell your home in Ireland, sell it within 12 months of leaving the country so that you will have no CGT to pay on it.


Even so there could still be tax implications such as a clawback of _SD _etc. depending on the specifics of the situation.


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## Brendan Burgess (11 Jul 2007)

Hi ClubMan

I say this because it would be low loan to value and if his mortgage repayment history is good, the lender would be delighted to increase the loan. 

Brendan


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## eoinhealy (11 Jul 2007)

Beem to Canada a few times, it's very difficult to leave. Very friendly people, crime is half of what it is here. Fantastic countryside and loads to do and see.

I was there for 2 months at one stage, when I got back to Ireland I was actually quite depressed about being home. The weather was the best. When it snows, it actually snows (No slushy stuff that we call snow here) when the sun shines it shines all day for weeks on end. 

What more could you ask for.

But just like the above post. test drive Canada first, rent your house out while your gone and rent a place in canada for the first while. If you feel like you want to live there after a few months (which I think you will) then by all means, take oout a top up on your morgage and buy a nice place in canade, while still renting the house back on Ireland to pay the morgage.

Hope it all works out for you.

Canada is Great


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## DonKing (14 Jul 2007)

eoinhealy said:


> Beem to Canada a few times, it's very difficult to leave. Very friendly people, crime is half of what it is here. Fantastic countryside and loads to do and see.
> 
> I was there for 2 months at one stage, when I got back to Ireland I was actually quite depressed about being home. The weather was the best. When it snows, it actually snows (No slushy stuff that we call snow here) when the sun shines it shines all day for weeks on end.
> 
> ...



Well canada is great, I agree, however the weather isn't always great. Recently in Toronto it was over 40 degress with high humidity. In Winter time it's extremely cold.


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## ClubMan (14 Jul 2007)

eoinhealy said:


> crime is half of what it is here.


Any statistics to back that claim up?


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