Whistler Ski-in/Ski-out Real Estate For Sale
Marion Anderson Personal Real Estate Corporation SUTTON GROUP – WEST COAST REALTY
It is the same process for a non-resident buyer as a resident buyer to get a mortgage in Canada. Some Canadian banks want you to be in Canada to sign the mortgage documents. For a non-resident Buyer, re-financing after the purchase is not available.
Continue reading “Non-Resident: Mortgage”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. Note: The BC Home Flipping Tax is separate and distinct from the federal property flipping rules and is not harmonized or administered with the federal or B.C. income tax act.
Continue reading “BC Home Flipping Tax”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.
Continue reading “Non-Resident: Tax on Capital Gain”The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Most countries have their 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.
Continue reading “FINTRAC”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.
Continue reading “Non-resident: Re-financing”