Canadian Real Estate is a Bargain for Foreign Buyers
Canadian property is affordable compared to real estate in other parts of the world. Although the American dollar has weakened, Americans can still get a lot more for their dollar than back home.
The climate of Salt Spring Island, British Columbia is idyllic. We enjoy an eight-month growing season to the delight of island gardeners. Many wonderful subtropical plants such as windmill palms and banana trees can be seen growing around the island. Although we are hit with the occasional snowfall this is rare and may happen once or twice a winter. Summers do not get unbearably hot, as we are usually treated to an ocean breeze.
Buying Property the Rules & Regulations
If you do not plan on becoming a landed immigrant, buying property in Canada is very easy. If you plan to stay in Canada for six months or less, the government will consider you a tourist or non-resident. Your six months can be made up of various times such as two weeks here, four weeks there, etc... as long as you do not exceed your six months
Becoming a Landed Immigrant
If you plan to live in Canada for more than six months annually, you will have to apply for immigrant status. To find out more information on this you should visit Citizenship and Immigration Canada at www.cic.g.c.ca/english/index.html.
David Aujla is a Canadian immigration lawyer who helps people immigrate to Canada. He offers immediate telephone consultations and free assessments.
David can help you in English, French, Hindi and Punjabi, with offices in Victoria and Vancouver, British Columbia. For some great information on becoming a landed immigrant visit www.victorialaw.com.
British Columbia welcomes business people from around the world who are looking for new business opportunities. For more information about moving your business to British Columbia, visit the B.C. Government Business Immigration Website.
When a non-resident sells Canadian property there is a system for withholding taxes. This is to ensure the non-resident complies with Canadian income tax law.
Initial Withholding Amount on Sales Proceeds
The initial withholding amount is 25% of the gross sales proceeds (before real estate commission and legal fees). The seller’s lawyer retains this amount until a clearance certificate is received form the Canadian Customs & Revenue Agency.
Non-resident sellers should file a Canadian income tax return for the year in which the sale occurs. Based on the Capital Gain amount, the 25% withheld will be adjusted accordingly.
Rental Investment Property
Non-residents who rent out their property must remit 25% of their monthly revenue to Revenue Canada. They must file a Canadian income tax return. Based on the profit or loss the 25% withheld will be adjusted accordingly.
*Regulations change and it is advised that you check all important matters with an accountant and/ or an immigration lawyer.