Real Estate Investor Magazine South Africa June 2016 | Page 53

without the need for a Tax Clearance Certificate.
Toronto, the provincial capital of Ontario, is a large,
ethnically diverse city sprawling along Lake Ontario’s
north-western shore. A dynamic city with a core of
skyscrapers, all dwarfed by the iconic CN Tower, it
also features abundant green spaces including the oval
of Queen’s Park and the 400-acre High Park, with its
trails and sports facilities. The city has a population of
less than three million.

Canada is still one of the
few places where South
Africans with Rands can
make a meaningful property
investment

And unlike South Africa, in Canada both buyers
and sellers are each represented by their own realtors,
so as a potential investor it’s important to secure the
services of a reputable agent before beginning to
search for a property.
Lourantos says most of his investor clients are
Johannesburg-based and they generally look at entrylevel homes throughout the Greater Toronto Area as a
first investment, which can range from condominiums
to townhomes or semi-detached properties.
According to the SARB, a taxpayer in good standing
and over the age of 18 can invest up to R10 million in
his or her name outside the Common Monetary Area
(Lesotho, Swaziland and Namibia), per calendar year,
but a Tax Clearance Certificate in respect of foreign
investments must be obtained. An additional amount
of up to R1 million within the single discretionary
allowance facility can be transferred abroad annually
www.reimag.co.za

Lourantos says from a residence point of view,
Oakville is an upmarket section of the Toronto
market which has a large South African community.
Canada is one of the