Marion Anderson Personal Real Estate Corporation SUTTON GROUP WEST COAST REALTY
Getting the business license! This license application takes place once you own the property. The municipality will send an inspector to check the property against the original building plans, and any renovation plans they have on file. If there’s anything that differs between those plans and your property that’s when the headache begins.
When there’s a delay in getting your business license it means that no revenue is being earned.
4 types of investment property, therefore 4 types of tax considerations for non-residents and residents purchasing real estate in Whistler: 1) rented nightly, 2) business income, 3) rented monthly, and 4) never rented.
Next, determine the intent of your purchase, How do you intend to use the property? How often will you use it? Do you need the property to earn revenue and if so how much? Is it an asset class you’ll purchase and never use?
Yes!! There is no foreign buyer ban in Whistler, British Columbia. Non-residents are welcome to buy Whistler real estate.
The Government of Canada announced that the foreign buyer ban would extend to January 2027, and after that who knows! I’m Marion Anderson, and I help people buy real estate and Whistler.
No. The LLC arrangement for business ownership is not offered in Canada. In Canada a holding company, or Holdco is a firm that exercises control over any asset class. A Holdco earns money by collecting dividends.
For Canadian mortgages in a company name the company has to be registered in British Columbia. This is a holding company and everyone who is a shareholder personally guarantees the mortgage.
The Underused Housing Tax (UHT) Act is the Government of Canada’s way to find out who owns property in Canada, and track usage.
For non-residents the UHT applies to all types of ownership. Therefore, each non-resident owner must file an annual UHT return. The UHT ACT requires a non-resident owner who has their property title in their personal name to use the property for 28 days, and if that happens there’s no UHT on the property. The UHT is 1% of the value of the property.