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My question is: Canadian-specific
QUESTION: Hi, I am from Sydney Australia and am considering the purchase =
of an investment property in Vancouver BC. I have heard that BC has some =
unusual tax laws regarding foreign investment. Is there anything that I =
should be concerned about.
Regards
Sxxxxxxxxxxxx
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david ingram replies:
No restrictions in British Columbia, but of course, Australia does limit =
the purchase of real estate by foreigners as in the following:
AUSTRALIA'S FOREIGN INVESTMENT POLICY :
In the forward to the publication "Australia's Foreign Investment =
Policy" the then Treasurer, John Dawkins, said "the Australian =
Government welcomes foreign investment. The government recognises the =
substantial contribution foreign investment has made and can continue to =
make to the development of Australia's industries and resources".=20
Residential Properties that currently have Foreign Investment =
Approval
The Pinnacle Surfers Paradise=20
Marquis on Main
The Foreign Investment Review Board is an advisory body set up =
under the Foreign Acquisitions and Takeover Act 1975. Its main functions =
are:
=A7 to examine proposals by foreign interests in Australia and to =
make recommendations to the Government on those proposals
=A7 to advise the Government generally on foreign investment =
matters
=A7 to provide guidance if necessary to foreign investors on those =
aspects of their proposals not in conformity with Government policy and =
to suggest ways by which the proposals may be amended.
Foreign interests proposing to acquire real estate should be =
individually submitted for examination and approval unless they fall =
into certain exempt categories. The two most common types of real estate =
acquired by foreign investors are:
1. Residential
2. Commercial
1. RESIDENTIAL REAL ESTATE
1.1 What is Residential Real Estate?
Residential real estate means all Australian real property other =
than (i) commercial properties (ie offices, factories, warehouses, =
hotels, restaurants, shops, recreation facilities etc.) and (ii) land =
which is integral to a farming business. Acquisitions of "hobby farms" =
and "rural residential" blocks by foreign interests are also examined =
under the policy applying to residential real estate.
1.2 Who Should Apply?
All proposed acquisitions of residential real estate should be =
submitted for examination regardless of value unless the purchaser is an =
Australian citizen, permanent resident, approved migrant or a foreign =
national having an entitlement to take up or retain permanent residence =
in Australia (such as a New Zealand citizen). Other foreign persons =
wishing to purchase residential real estate (including temporary =
residents and the foreign spouses of Australian citizens and permanent =
residents) must apply in advance to the Government through the Foreign =
Investment Review board for approval.
1.3 Developed Residential Real Estate
Developed residential real estate means existing houses, flats or =
units. Acquisitions of developed residential real estate by foreign =
interests are not normally approved except (i) in the case of foreign =
companies buying for their senior executives resident in Australia for =
periods longer than 12 months, and (ii) foreign nationals temporarily =
resident in Australia for more than 12 months purchasing a residence for =
use as their principal place of residence while in Australia (and not =
for rental purposes), subject to the sale of the property when they =
cease to reside in Australia. This latter category includes long-stay =
retirees, and students 18 years of age and over studying courses of more =
than twelve months duration at recognised tertiary institutions.
=20
Except for Prince Edward Island, There are no restrictions on foreign =
ownership in Canada.
You may buy anything. If you buy a rental property, you must have an =
agent represent you by filling out form NR6. The agent must deduct 25% =
of the net rental income and submit it to the CRA (Canada Revenue Agency =
- formerly CCRA Canada Customs and Revenue Agency - formerly DNR =
Department of National Revenue or more commonly called Revenue Canada)
You must then file an annual Rental Income Tax return under section =
216(4) by June 30th of the following year. If the return is not filed =
on time, the penalty is 25% of the GROSS rent with no deductions.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321=20
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed =
information or consultation and is to be regarded only as general =
comment. Nothing in this message is or should be construed as advice =
in any particular circumstances. No contract exists between the reader & =
the author and any and all non-contractual duties are expressly denied. =
All readers should obtain formal advice from a competent financial, or =
real estate planner or advisor & appropriately qualified legal =
practitioner, tax or immigration specialist in connection with personal =
or business affairs such as at www.centa.com. If you forward this =
message, this disclaimer must be included."
This from ask an income tax immigration planning and bankruptcy expert =
consultant guru or preparer from www.centa.com or www.jurock.com or =
www.featureweb.com. Canadian David Ingram deals daily with tax returns =
dealing with expatriate:
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Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, =
Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, =
Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, =
Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, =
US, UK, GB, American and Canadian and Mexican and any of the 43 states =
with state tax returns, etc.
income tax wizard wizzard guru advisor advisors experts specialist =
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preparer of Alaska, Alabama, Arkansas, Arizona,=20
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