Buying DVC - Canadian version questions

[CanadaDisney05]

In my case, I needed an ITIN as I work for the Canadian branch of US based company who can send me to clients either in Canada or the US. I need to pay US taxes for the days I'm in the US at a US client.

But I don't believe the part about not needing the number is correct. The IRS requires those taxes to be filed. Failing to get the number, and filing, is basically, failing to file your taxes. The lack of number just makes it harder for them to track you down, but technically, you'd still be liable for filing in pretty much any case that's determined to be income in the US's eyes. However, I'll admit, as I haven't done a sale in the US, I don't know for certain in this case.

Without knowing the correct answer 100%, this sounds correct to me. However, given that without an ITIN it would be very difficult to track you down, the risk is pretty low. Even if they were to track you down, the results would be in your favor so their should be no consequences.

 

[gskywalker]

Re: Buying Direct for the Blue card.
Its the only reason we did it. We bought OKW in Sept 19. For us the math was simple. It cost us about 3K US$ extra to buy direct. We saved 3K US$ this year on our annual pass renewals. So in one year it paid for itself. (we have 7 annual passes). If we do this 3 more times at any point then our entire contract will have been paid for just on annual pass savings(assuming the benefit continues) and if not after the first year we are no further behind and the purchase was easier than buying resale.

 

[mamaofsix]

Following!

A few people have mentioned that their province does not allow you to buy direct from a distance, that you have to go to Florida to buy. Which provinces allow you to buy from a distance, and which don't?

 

[Minniemoo15]

Following!

A few people have mentioned that their province does not allow you to buy direct from a distance, that you have to go to Florida to buy. Which provinces allow you to buy from a distance, and which don't?

I believe that you can buy direct from Alberta and Ontario. You cannot buy direct from NB for sure (but resale was no problem).

 

[mort1331]

Only did resale from Ontario

 

[CanadaDisney05]

I've done direct and resale in Ontario

 

[Isabelle12345]

Does anyone know if Quebec allows direct from outside Florida?

 

[deedubb]

Does anyone know if Quebec allows direct from outside Florida?

I don't think so. I believe it is only Ontario and Alberta.

 

[Isabelle12345]

I don't think so. I believe it is only Ontario and Alberta.

Thank you
I guess this will make me even more willing to buy resale!

 

[deedubb]

Thank you
Thank you
I guess this will make me even more willing to buy resale!

NP. I would check with Disney though, in case things have changed.

 

[Isabelle12345]

We pulled the trigger and made an offer on a resale contract - which was accepted! Now waiting for RoFR
We put the deposit on a CC, but for the wire transfer, how did you proceed? Can I just go to my bank (BMO) and do it or do I need to contact another agency?
I still have a few weeks before I hear back but I don’t want to slow down the process so I am trying to figure out the best way now!

 

[Isabelle12345]

I looked up Transferwise...
Has anyone used them? What was your experience?

 

[Minniemoo15]

We pulled the trigger and made an offer on a resale contract - which was accepted! Now waiting for RoFR
We put the deposit on a CC, but for the wire transfer, how did you proceed? Can I just go to my bank (BMO) and do it or do I need to contact another agency?
I still have a few weeks before I hear back but I don’t want to slow down the process so I am trying to figure out the best way now!

Congratulations! We went to our bank (CIBC) with our wire transfer details and they took care of it all. For me - I wanted our bank handling the transaction. It was not a small sum of money and I wanted reassurance that everything had gone well, even if it cost a bit more than an online service.

Before we wired, we first transferred the money into a US account so it was already in USD. And we made sure to add a bit extra (for us it was around $20) to cover the wire fees.

 

[Isabelle12345]

Congratulations! We went to our bank (CIBC) with our wire transfer details and they took care of it all. For me - I wanted our bank handling the transaction. It was not a small sum of money and I wanted reassurance that everything had gone well, even if it cost a bit more than an online service.

Before we wired, we first transferred the money into a US account so it was already in USD. And we made sure to add a bit extra (for us it was around $20) to cover the wire fees.

Were they able to transfer electronically?
And did you have to create a USD account in your name? Or did you already have one? How long did it take?
I agree I like the feeling of security of using my own bank...
I guess I could probably do that in advance...

 

[deedubb]

We pulled the trigger and made an offer on a resale contract - which was accepted! Now waiting for RoFR
We put the deposit on a CC, but for the wire transfer, how did you proceed? Can I just go to my bank (BMO) and do it or do I need to contact another agency?
I still have a few weeks before I hear back but I don’t want to slow down the process so I am trying to figure out the best way now!

Unless you can get preferred exchange rates, I would recommend using Knightsbridge. You'll get a better rate and likely save a few hundred dollars, and they can wire the funds for you.

 

[von Monster]

Unless you can get preferred exchange rates, I would recommend using Knightsbridge. You'll get a better rate and likely save a few hundred dollars, and they can wire the funds for you.

This - but also check out VBCE, Transferwise, and Everforex. Depending on how large your contract if even the small differences between the companies can add up in a hurry.

 

[lovethesun12]

I'm really worried about the value of the dollar and whether it will drop a lot. I transferred a large chunk of money over to USD just in case but wondering if I should do more.

 

[deedubb]

I'm really worried about the value of the dollar and whether it will drop a lot. I transferred a large chunk of money over to USD just in case but wondering if I should do more.

I had the same concern. I am currently awaiting ROFR on a BCV contract which I am sure will pass (as I hear Disney is not buying anything back at the moment) so I have transferred the full amount of the contract into USD and parked it into a USD account. If by some chance the dollar climbs significantly in the next few weeks, I can always convert back to CAD and repurchase, but I highly doubt that will happen. It's always a guessing game though!

 

[Minniemoo15]

Were they able to transfer electronically?
And did you have to create a USD account in your name? Or did you already have one? How long did it take?
I agree I like the feeling of security of using my own bank...
I guess I could probably do that in advance...

I assume everything was done electronically ... within 15 minutes I had an email confirmation from our title company that the funds had been received and all was well. We opened a US bank account a few weeks before we needed to wire the funds... it only took maybe 20 minutes for them to set up.

 

[von Monster]

I had the same concern. I am currently awaiting ROFR on a BCV contract which I am sure will pass (as I hear Disney is not buying anything back at the moment) so I have transferred the full amount of the contract into USD and parked it into a USD account. If by some chance the dollar climbs significantly in the next few weeks, I can always convert back to CAD and repurchase, but I highly doubt that will happen. It's always a guessing game though!

If you go CAD -> USD and then the exchange rate changes and you go USD -> CAD haven't you just cemented your loss? Unless you have some method or hedge to allow you to convert back at your original exchange rate?