Firstly, thank you for publishing such great content. As a recent immigrant to Canada, your content has been invaluable.
As stated, I have been granted Permanent Residence in Canada. However, I am still employed by an international company. Though I work remotely, my work still requires me to travel overseas frequently for up to months at a time. My family and rental residence are based in Toronto, so I am a Resident for tax purposes.
My question relates to buying a house in Ontario and if setting up a business can help me do so cost effectively. Upon inquiring with my bank for Mortgage, I’ve been told that I need to put down 35% down payment since I am working abroad. If I were to set-up a Sole Proprietorship or Corporation and be contracted by my present foreign employer to provide consulting services, would that qualify me for the 5% down payment. The foreign company will be paying me through the established business here in Ontario.
Is this feasible and if so, how would you advise I go about this?