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:

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.

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.

Buying Real Estate as a Non-resident

There is no Foreign Buyer Ban in Whistler. Everyone is still able to buy real estate in Whistler. The Government of Canada announced that this ban would be extended to 2027. Therefore, unlike many other Canadian locations, Whistler welcomes foreign buyers. Therefore, this post is for non-residents of Canada who are considering buying real estate in Whistler. Due to the complexities of buying property best to review the Non-resident: Buying page on this site for the full details. It covers the basics of financing and the transfer of funds once you have found a property.

Re-financing is not an option for Non-residents

When a non-resident decides to buy a property in Whistler, it is important to make a decision about financing when writing the offer. If a non-resident Buyer says that it would be simpler to pay cash for the property and then refinance, that is not an option with Canadian Banks.

The reason is that the Canadian bank does not know the source of the original funds used to buy the property. Despite, you the Buyer, offering the Bank every document on the purchase of the property, no Canadian Bank can refinance your property. To do so would be in contravention of FINTRAC.