Financing Construction

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Financing Construction Costs

There are two components to financing a house build in Whistler, 1) the cost of the vacant land, or land with a tear-down house on it, and 2) determining the construction cost of the build to secure financing. I can help you with both of those components.

In Canada the borrower does not receive a lump sum from the lender in advance of construction. In addition, the borrower must inject all their funds into the project before the lender will release the borrowed funds. The lender controls the draws, ensuring the build has enough money to complete at every draw. Based on the budget, any overruns need to be covered by your own funds as the loan can’t be (easily) increased mid-flow.

August 20, 2024August 22, 2024

Non-Resident: Underused Housing Tax (UHT)

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Underused Housing Tax (UHT) Good News and Bad News

For non-residents, there is good news and bad news about UHT. It all depends on how often you want to use your Whistler property, and who is on the title deed. One would hope that you love coming to Whistler to enjoy this wonderful resort year-round. Note, for more information, read the Non-Residents: Underused Housing Tax page on this site.

August 6, 2024August 20, 2024

Non-Resident: Withholding Tax

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Non-Resident: Withholding Tax on Nightly Rentals

As a non-resident of Canada, you pay tax on the net income you receive from sources in Canada. The type of tax you pay and the requirement to file an income tax return depend on the type of income you receive. This is called Withholding Tax.

There are tax considerations based on whether you own the property personally, in a partnership, or a Trust. This real estate site will not go into each of these but will focus the page on personal ownership.

July 4, 2024August 20, 2024

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 options must be explored. Therefore, the first line of Canadian financing is typically with one of the Canadian Banks. 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:

June 25, 2024August 20, 2024

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.