Whistler Ski-in/Ski-out Real Estate For Sale

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Key Takeaways

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.

Estimated reading time: 9 minutes

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Getting insurance for a detached house takes time and requires specific documents, particularly related to water and fireplaces.
Key documents include home inspection reports, WETT certificates for wood-burning fireplaces, and details on plumbing and roofs.
A buyer should gather all necessary information in advance to avoid last-minute issues with coverage before closing.
Insurance agents prefer properties with alarm systems and water shut-off systems; these features can help secure coverage.
Inform your insurance provider about any upgrades or improvements to ensure adequate coverage for contents and property.

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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.

Estimated reading time: 5 minutes

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Non-resident buyers in Canada face different signing requirements for mortgages than resident buyers, depending on the bank.
The Big Five Canadian banks dominate mortgage financing, but options include cash or financing from a home country bank.
Working with a Whistler mortgage broker is crucial, as they understand local regulations better than brokers from other areas.
Some banks require non-residents to sign documents in Canada, while others allow remote notarization with prior verification.
Non-residents can’t refinance after completing the purchase, so it’s essential to explore mortgage options early.

Estimated reading time: 6 minutes

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Changing the intended use of a property can trigger GST obligations.
If you rent out a property and exceed $30,000 in gross revenue, you must register for a GST number.
Consult a knowledgeable accountant to navigate GST implications of a change of use in Whistler properties.
Examples illustrate how even short-term rentals can enact changes in use affecting GST.
Always seek professional advice before altering property use to understand potential consequences.