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

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Key Takeaways

Canada has a limited number of banks, with the ‘Big Five’ being TD, RBC, CIBC, BMO, and Scotiabank.
Working with a Whistler mortgage broker is crucial as they understand local zoning and can navigate complex financing options.
Non-resident buyers may need to return to Canada to sign mortgage documents, or banks might allow signing remotely with notarization.
Non-residents generally cannot refinance after the completion date, making upfront financing decisions essential.
To ensure a smooth process, non-resident buyers must wire funds to Canada before mortgage documents are released for signatures.

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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.

Estimated reading time: 5 minutes

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The article discusses two types of flipping tax: the BC Flipping Tax and the Federal Flipping Tax.
The BC Flipping Tax imposes a penalty of an additional 20% on property gains sold within 365 days, gradually decreasing to 0% by 730 days.
The Federal Flipping Tax, effective January 2023, treats gains from properties sold within 365 days as business income, fully taxable at the individual’s rate.
Starting January 1, 2025, a new BC home flipping tax will target short-term property sales, adding to the existing federal tax.
It’s crucial for property sellers to consult a Whistler accountant to navigate these complex tax implications and potential exemptions.

Estimated reading time: 4 minutes

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TW fees were introduced to fund tourism marketing in Whistler, specifically for properties on resort land.
There are two types of TW fees: commercial fees for nightly rentals and common fees for residential properties.
Annual payment for TW fees is due by March 31st, and owners can split payments into 10 monthly installments.
The calculation of TW fees varies by property type, with specific billing units and rates for residential and commercial accommodations.
Buyers of properties on resort land must consider TW fees during the purchase process, as these fees transfer with the property.

Estimated reading time: 4 minutes

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Non-residents selling property in Canada face withholding tax on capital gains, requiring a hold-back of 35% to 50% at closing.
The seller’s accountant must file T2062 within 10 days of the sale, prompting the CRA to determine the final withholding tax amount.
After the tax is paid, the CRA issues a Certificate of Compliance, allowing the seller to access their hold-back funds.
Non-residents should consult a local accountant for personal tax returns, which may result in refunds related to withholding tax.
Tax treaties can prevent double taxation on capital gains for non-residents selling property in Canada.