NON-RESIDENT PURCHASERS

Many property owners in the Whistler area are from outside of Canada. British Columbia has no restrictions on foreign ownership of real estate, making the area an attractive choice for foreign investors and those looking for a second home or vacation property.

The Canadian government has certain regulations that must be adhered to with regard to our taxation law. In order to simplify things, we recommend that you speak to a local accountant to handle your tax reporting. We can provide you with a list of recommended accountants and lawyers or refer to the list of service providers under "About Us".

Many non-resident purchasers choose to rent out their property when they are not personally using it. The following information outlines how taxation on rental property works:

Tax on rental income

Canada Customs and Revenue Agency (CCRA) require non-residents to pay 25% of the gross rental income from the property to CCRA. This amount may be reduced by filing the appropriate paperwork in advance. Your rental manager can assist you with this.

Annual tax returns

CCRA requires a property holder to file a tax return for all income generated from the property and will only allow expenses from the past two years to offset income from property.

Clearance Certificate

When you go to sell your property, you will require a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The clearance certificate confirms that all taxes have been paid up to date and that all of the proceeds from the sale of the property may be released.

Canada Customs

If you intend to furnish your property with items from a house outside of Canada it is important to contact Canada Customs to determine their requirements to avoid paying import duty on these items and the regulations relating to the purchase of new furnishings.

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