WHAT IS CONSIDERED A NON RESIDENT OF CANADA?
Any person who is not a citizen of or a permanent resident of Canada (also known as a landed immigrant) and/or a Canadian resident who has been away from Canada for more than 183 days during one calendar year.
Can a Non Resident of Canada purchase a home?
Canada has no restrictions on who can buy real estate within the country. The process for purchasing a home is the same for all owners whether you are a Canadian resident or not.
Can a Non Resident get a mortgage to purchase a home in Canada?
All banks have different rules and regulations, most lenders require 35% dowpayment for Non Residents. We strongly recommend that you contact a mortgage broker and/or lender directly to see if you qualify for financing on any type of real estate transaction.
What happens when I want to sell my property?
When a non resident of Canada sells their home and is planning to leave the country, a Compliance Certificate from Revenue Canada is required in order to confirm that no monies is owed to the Canadian government prior to departure. The non resident of Canada will need to apply directly to CRA (Revenue Canada) This can be a lengthy process, approx 4 to 6 weeks. If the Compliance Certificate is not readily available at the time of your sale, than your real estate lawyer is required to HOLDBACK 25% of the sale price (ie. $400,000.00 x 25% = $$100,000.00) until the Certificate is received. It is best to consult with a tax accountant regarding the application process. For your convenience the link for Compliance Certificate application is below.