Published: August 12, 2021
Last Updated: August 25, 2021
Toronto tax expert David Rotfleisch pointed out the constitutional challenges such as tax on Canadian non-residents in acquiring real estate in Canada.
“In B.C., the foreign buyer’s tax is 20% of the fair market value of the real property and applies to foreign nationals. In this context, foreign nationals refers to individuals who are not a Canadian citizen or a permanent resident of Canada. For properties that are acquired jointly by multiple taxpayers where some taxpayers are liable for the foreign buyer’s tax while others are not, the foreign buyer’s tax applies proportionately to the liable parties’ interests.
” Check out the full article here.
Disclaimer:
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."
