Category: Non-Residents

Key Takeaways

• Yes, non-residents pay Underused Housing Tax (UHT) on a quarter-share property.
• Each non-resident owner must use the property for at least 28 days to avoid the UHT penalty.
• If an owner holds multiple quarter-shares in the same unit, they only need 28 days of usage to avoid UHT penalty.
• Spousal use of the property, separate from the owner’s use, counts towards the 28 days of usage.
• Common law partner’s use of property separate from the owner’s use counts towards the 28 days of usage.

Key Takeaways

Key Takeaways

• There is no foreign buyer ban in Whistler, British Columbia; non-residents can purchase real estate.
• The Canadian foreign buyer ban lasts until January 2027, but it does not apply to Whistler.
• Four types of investment properties affect tax considerations for non-resident buyers in BC real estate.
• The buying process is similar for resident and non-resident buyers, though fund transfers can be complicated.
• Marion Anderson helps non-residents navigate real estate purchases in Whistler.

Key Takeaways

• LLC arrangements for business ownership do not exist in Canada; instead, holding companies (Holdcos) operate under specific regulations.
• American buyers may prefer to use an LLC to shield property from litigation, but Canadian laws require alternative structures like Holdcos.
• For mortgages in a company name, the company must register in British Columbia, and shareholders personally guarantee the mortgage.
• Insurance for properties owned by Holdcos may be difficult to obtain due to potential liabilities associated with the company.
• When selling a property in a Holdco, capital gains tax applies unless the property qualifies as a principal residence.