I bought my first investment property (in Ontario; it hasn`t closed yet) through my incorporated company. The company will pay the downpayment and expenses and collect rent; the company name will be on the deed and mortgage, and I am personally a guarantor for the mortgage. There`s the possibility that I might want to live in the house eventually, say in five to ten years` time. To prepare for that possibility, on the suggestion of an accountant, I plan to do this: after the deal closes, I will pay my company for an option to personally buy the property from the company in x years for x dollars (a price higher than what the company paid for it.) What do you think? Any cautions or related experiences? Thanks.
Buying property owned by my company
- Thread starter holymoly
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