Effective as of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) prevents non-Canadians from buying residential property in Canada for 2 years.
Are you a foreign buyer?
If yes, you may have the following questions in mind:
- I am not in Canada. Am I able to complete a real estate transaction remotely?
- Do I need to pay extra taxes as a non-resident Canadian?
- Am I qualify to get a rebate for Non-Resident Speculation Tax (NRST)?
- How can I manage my investment property remotely?
- How can I open up a Canadian bank account in my own country?
- How can I get a loan/mortgage?
- Can I sign legal document remotely or virtually?
Let me give you a hand if you have any of these questions in your mind. I can provide some preliminary information and refer you to related professionals so that they can guide you through to accomplish your goal.
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