Non-Residents

Can NON-RESIDENTS BUY Whistler real estate?

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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.

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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.

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Non-residents owning nightly rental properties in Whistler submit a Withholding tax of 25% on gross revenue monthly to the Government of Canada.
This 25% contributes towards any year-end outstanding taxes.
The Withholding tax can be reduced to 25% of net income after expenses by co-signing the NR6 form with your rental manager.
To lower the Withholding tax further, work closely with a Whistler accountant, especially when filing your income tax return.
It’s essential to secure an accountant during your property search to ensure proper tax management.
For assistance with real estate in Whistler, contact Marion Anderson, a realtor specializing in helping non-residents.

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Canada has a limited number of banks, with the ‘Big Five’ being TD, RBC, CIBC, BMO, and Scotiabank.
Working with a Whistler mortgage broker is crucial as they understand local zoning and can navigate complex financing options.
Non-resident buyers may need to return to Canada to sign mortgage documents, or banks might allow signing remotely with notarization.
Non-residents generally cannot refinance after the completion date, making upfront financing decisions essential.
To ensure a smooth process, non-resident buyers must wire funds to Canada before mortgage documents are released for signatures.

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Non-residents selling property in Canada face withholding tax on capital gains, requiring a hold-back of 35% to 50% at closing.
The seller’s accountant must file T2062 within 10 days of the sale, prompting the CRA to determine the final withholding tax amount.
After the tax is paid, the CRA issues a Certificate of Compliance, allowing the seller to access their hold-back funds.
Non-residents should consult a local accountant for personal tax returns, which may result in refunds related to withholding tax.
Tax treaties can prevent double taxation on capital gains for non-residents selling property in Canada.