Non-Canadian Buyer and Exemptions

Non-Canadian Buyer and Exemptions

If are you unsure of your status in regards to purchasing residential properties, whether presale or resell, here is some info for you: 

The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to individuals who aren’t:

• Canadian citizens, or
• permanent residents of Canada, or
• persons registered under the Indian Act

The prohibition also applies to corporations and entities that are:

• formed under the laws of Canada or a province, and
• not listed on a stock exchange in Canada, and
• controlled by someone who is a non-Canadian

EXEMPTIONS:

Temporary residents studying in Canada, if they:

• are enrolled in a program of authorized study at a designated learning institution as defined in the Immigration and Refugee Protection Regulations, and
• have filed income tax returns for each of the 5 taxation years preceding the year in which the purchase was made, and
• have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the year in which the purchase was made, and
• have not previously purchased a residential property in Canada while the prohibition is in effect, and
• purchase a property for a price not exceeding $500,000

Temporary residents working in Canada, if they:

• hold a valid work permit or are authorized to work in Canada, and
• have 183 days or more of validity remaining on their work permit or work authorization at the time of purchase, and
• have not previously purchased a residential property in Canada while the prohibition is in effect

Refugees, if they:

• have been given refugee protection or are a protected person under the Immigration and Refugee Protection Act

Refugee claimants and individuals fleeing international crises, if they:

• have made a claim for refugee protection in accordance with the Immigration and Refugee Protection Act, if that claim has been found eligible and referred to the Refugee Protection Division; or
• have received temporary resident status in accordance with the Immigration and Refugee Protection Act based on humanitarian public policy considerations to provide a safe haven to those fleeing conflict

Accredited members of foreign missions in Canada, if they:

• hold a passport that has a valid diplomatic, consular, official, or special representative acceptance issued by the Chief of Protocol of Canada

Non-Canadians spouses and common-law partners, if they:

• purchase residential property in Canada with their spouse or common-law partner who is a Canadian citizen, a person registered under the Indian Act, a permanent resident or a non-Canadian for whom the prohibition does not apply.

Source: CMHC

THIS IS NOT LEGAL ADVICE. You will need to seek consultation from a legal professional and/or verifications from the Canadian Government.