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Non-Resident: Mortgage

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Financing a Mortgage as a Non-Resident

For a non-resident Buyer, it is a big decision to either finance the purchase of a Whistler property through a bank in their home country, pay cash, or get a Canadian mortgage. These must be informed decisions. The top five Canadian banks are collectively referred to as the “Big Five” due to their dominant position and significant influence within the country’s banking and financial industry. They are, in no particular order:

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Non-Resident: LLC Purchase

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Can American Buyers Open an LLC in Canada?

The LLC arrangement for business ownership is not offered in Canada. A Canadian business can not be located in Canada (on paper) and run as an LLC. This is why many Canadian companies operate as LLPs (Limited Liability Partnership) instead of LLCs. This would be a topic for a British Columbia lawyer, not a Whistler realtor. An American Buyer may want to put their property in an LLC because they want to keep the property at arm’s length from litigation. In the United States, a limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners.

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Property Taxes

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How are Whistler Property Taxes Calculated?

The Resort Municipality of Whistler’s annual property taxes will be noted on the listing data for each property. These taxes will probably increase every year based on the Resort Municipality of Whistler (RMOW) budget increases. The BC Assessment occurs annually and the owner is notified in early January of any increase and decrease in the assessed value of their property. The value is based on the sales in the area in the previous year. Click the link for more insight into BC Assessment.

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GST: Change of Use

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Change in the Use of Your Property May Trigger GST

From the Government of Canada’s website, “Changes in the Use of Your Property: When there is a change in use of a property you have, you may be considered to have sold all or part of your property even though you did not actually sell it. The following are some sample situations:

  • “You change all or part of your principal residence to a rental or business operation
  • “You change your rental or business operation to a principal residence
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BC Home Flipping Tax

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BC Home Flipping Tax Affects Non-Residents and Residents

As previously announced in British Columbia’s Homes for People plan, the intention of the tax is to discourage short-term holding of property for profit. The BC Home Flipping tax is subject to legislative approval. Meaning, that all the details have not yet been finalized by the BC Government, so many questions about this tax have no answers.

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Tourism Whistler (TW) Fees

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What are Tourism Whistler (TW) Fees?

If you own a property located in the Benchlands, Whistler Village, or the Whistler Mountain base at Creekside, you will notice on the listing data sheet there are TW fees. To categorize these properties, we say that they are “on Resort Land”. This terminology does not relate to First Nations or Aboriginal Lands. It was a term created by the council of the day back in the eighties and has stuck.

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BC Assessment

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The Purpose of BC Assessment

BC Assessment’s business is to provide a stable and predictable base for real property taxation in British Columbia. The corporation determines ownership and tax liability and classifies and values each property in British Columbia. In other words, the BC Government is legally required to know the value of all the properties within the Province. However, it does not directly affect your property taxes.

How Are Properties Assessed?

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Strata Insurance FAQ

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What You Need To Know About Strata Insurance

Understanding what the strata insurance covers and what your obligation as an owner in a strata is an important topic. The insurance coverage for the strata development must be included in the strata documents. Then as an owner, you take this document to an insurance brokerage and get your owner’s insurance. It is essential to get all the coverage you need so that between the strata corporation and yourself you are fully covered. The content of this post has been provided by Acera Insurance Services Ltd.

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Non-Resident: Tax on Capital Gain

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Non-Resident Tax on the Disposition of Property

When a non-resident decides to sell their property, it is important to consider the tax implications. This post provides an overview of the complex process, it is a simplified version. If you are selling your property, it is recommended you read the full version on the Non-Resident: Selling page. Note: this blog was written by a realtor, not a tax accountant. The purpose of this post is to give you a sense of what you will need to know when you decide to sell your property. It is always recommended to speak with your Canadian accountant.

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FINTRAC

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What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Most countries have their own version of FINTRAC. Their mandate is to prevent and deter money laundering and terrorist financing. To meet this objective, all real estate agents are legally bound to verify the identity of their clients and unrepresented parties in a real estate transaction. It is expected that this verification occur at the start of their relationship. No one buying or selling real estate is exempt from FINTRAC. Every real estate agent has a legal obligation to complete the FINTRAC forms and ask their clients questions as to the source of the funds.

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