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Non-Resident: Underused Housing Tax (UHT)

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UHT and Non-Residents Buying Whistler Real Estate

The Underused Housing Tax 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.

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Property Insurance

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Never Underestimate the Insurance Process

Never underestimate the process and length of time it may take to get insurance coverage, especially if you’re buying a detached house. In my experience, the insurance agent is most interested in anything that has to do with water: the condition of the roof, the water tanks, the pipes, the plumbing, the water sprinkler system, and any heating system that depends on water. The condition of the wood-burning fireplace and everything connected to it is the second biggest concern for the insurance agent.

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Financing Construction

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How Do You Finance Construction in Whistler?

Two components to financing a house build in Whistler, 1) the cost of buying the vacant land, or land with a tear-down house on it, and 2) determining the construction cost budget of the build.

When are the Funds Released to the Borrower to cover Construction Costs?

In Canada the borrower does not receive a lump sum from the lender in advance of construction. The borrower must inject all their funds into the project before the lender will release the borrowed funds.

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Strata Form B

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What is the Strata Form B?

The strata Form B is a financial and legal snapshot taken on a specific date. It covers a specific strata lot and the strata corporation and provides information not supplied in the strata meeting minutes.

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