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Buying and Selling Canadian Property

Starfish The Gray Team Ucluelet Real Estate

An Overview for Non-Residents wanting to buy or sell Canadian Property from the British Columbia  Real Estate Association.  Read the full article.

Non-Residents Buying Canadian Real Estate
There are no restrictions for non-residents purchasing real estate in Canada, though they may become subject to Canadian income tax laws, and will certainly encounter the following taxes on their transactions:

Property Transfer Tax (British Columbia) – The tax rate is one per cent on the first $200,000 of the property's fair market value and two per cent on the remaining fair market value. For more information, visit the Government of British Columbia’s Property Taxation Branch’s website at www.rev.gov.bc.ca/rpt.

Goods and Services Tax (British Columbia) – The 5% GST applies to the purchase price of newly-constructed and substantially renovated homes. In addition, a temporary transition tax of 2% may apply on the purchase price of a new home where construction or substantial renovation of the new home was at least 10% complete before April 1, 2013, and either possession or ownership of the new home transfers, or a deemed sale of the new home transfers, before April 1, 2015. For more information, visit the Canada Revenue Agency website at www.cra-arc.gc.ca.

Property Tax (municipal) – If the seller has already paid the full year’s property taxes to the municipality, the buyer will have to reimburse them for the remainder of the year’s taxes.

- See more at: http://www.bcrea.bc.ca/working-with-a-realtor-/buying-and-selling-canadian-property#sthash.VXRM2kpz.dpuf

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