The 4 Tax Considerations for Non-Resident Buyers
In summary, it is a simple process for a non-resident of Canada to purchase Whistler real estate through a buyer’s agent, like myself. From the realtor’s perspective it is the same process for a non-resident as it is for any other buyer. The difference for non-residents pertains to paying and filing taxes. Therefore professional accounting advice is essential prior to purchasing so you understand your obligations.
There are 4 tax considerations for non-resident individuals investing in BC Real Estate:
1. Rental real estate which is rented nightly
2. Rental real estate which is rented monthly
3. Real estate producing business income
4. Real estate which is never rented.
Non-Resident Tax Accountants
The best resource I have found on the tax considerations for non-residents topic belongs to Accountant, Don Nisho, of Manning Elliott, Vancouver. Don provides information for non-residents who are considering the purchase of real estate in British Columbia. Below is the link to Manning Elliott real estate investment page for your reference:
However, as good as this information is, it sometimes does not clarify what taxable situation pertains in Whistler. For example, in Whistler we are subject to Property Transfer Tax and GST (if applicable) however we are not subject to:
- Additional School Tax
- BC Speculation Tax
- Empty Homes Tax (also known as the Vacancy Tax)
Local Whistler accountants are also available to meet with you and answer your questions on this topic.
If you think I would be a good fit to work with you and your family, and you are not already working with a Whistler real estate agent, please contact me. I look forward to hearing from you.
It’s a Good Life in Whistler!
Marion Anderson Personal Real Estate Corporation
firstname.lastname@example.org (604) 938-3885