Non Resident Info
Non Resident Purchases
The purchase
of property in British Columbia for non-resident buyers is
simple. You have the right to purchase and own any property
you choose.
All sellers
are required to pay 7% Goods & Services Tax on the
commission of the sale.
The purchase
of British Columbia property can only be registered by a BC
licensed Lawyer or Notary.
There is no
Provincial Sales Tax on the sale of BC property.
7% Goods &
Services Tax may be applicable on the purchase of some
property. Such properties would include those built new and
not previously occupied, those where the seller is a company
or corporation and those where the property has been used to
earn income.
All Purchase
of property in British Columbia is subject to Property
Transfer Tax of 1% on the first $200,000 and 2% above
$200,000.
Non
Resident Sales
When a
non-resident sells property in Canada, the Canadian
Government will hold aside 25% of the sale price for a short
time to ensure any taxes you may owe are paid. Upon proof
that you owe no taxes within Canada the money is returned to
you.
I recommend
you seek the professional opinion of a BC Licensed Lawyer
and Accountant in these matters.
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