Non-Canadian Residents to Buy a House in Canada
Welcome to Canada!
Non-residents often buy homes or investment properties in
Canada and, particularly, in beautiful British Columbia. We
make this process easy and understandable for individuals
and corporations that want to participate in Canada’s real
Mortgage qualifications in Canada are different for
non-resident buyers than for resident buyers. You should
consult with a lender or mortgage broker to understand the
qualifications for a non-resident buyer. You will also need to
open a Canadian bank account in-person and with identification acceptable to the lender.
Non-resident buyers do not need to be present in B.C. to execute closing documents. Your time is
valuable so we use paperless technology to streamline the closing process and help you complete your
purchase from wherever in the world you may be. Documents can be forwarded electronically and
executed in front of a lawyer or notary in most foreign jurisdictions. It is important that you make
arrangements for money transfer well in advance of closing.
Non-resident buyers should also consult with a Canadian tax professional to discuss tax treatment both
while you own a property and when you sell it. A non-resident owner of rental property will be subject to a
25% withholding on the gross rental income to ensure any taxes owed are paid. Administrative rules
require that the owner remit these amounts to the Canada Revenue Agency. A non-resident owner may
file a special form to have the withholding taxes reduced which, essentially, treats the non-resident as a
resident for the purpose of rental income. This form needs to be filed before January 1st of each year.
Wills and Estates Planning
For Bell Alliance clients that decide to become Canadian residents, we offer continuing support for your
families and businesses [business linked to Succession Planning].
The next step in your Canadian journey is to establish a plan for your family. Bell Alliance can help you
write and sign a will which ensures that your wealth is passed on to the next generation in the manner
you intended. We take this a step further and offer services as a wills executor as well as a
comprehensive estate administration practice which sees your will through.
Starting a Business in Canada
Starting a business in Canada is one of the ventures you can undertake to speed up your immigration to
Canada. Our immigration specialists [link] work alongside of our legal team to help you setup a new
business or purchase an existing business. This often involves registering and organizing a company and
coordinating with a Canadian tax professional.
Ultimately, we want to make sure you are protected from as much liability as possible, and that your
business is setup in a tax-advantageous manner.
Once your business is established, our lawyers will help you prepare the business agreements your
company needs to operate. These agreements outline your relationship with your customers, your
suppliers, your employees and contractors, and your investors.
Business Succession Planning
Taking care of the next generation extends beyond wills and estate planning. It also involves business
planning. Do you have a plan for who will eventually take over your business? Do you have a plan for
retiring from your business?
At Bell Alliance, we work hand-in-hand with Canadian-resident business owners who want to make sure
that their hard-earned enterprises persist into the future. We often recommend you consult with a
Canadian tax professional during this process as there can be a number of tax benefits that you can pass
onto your family to reduce their financial burdens.