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Perhaps I am enamored by the Disney-type of architecture of Old Quebec City, but it is worth investing in any real estate as an American citizen? I am under suspicion there are steep taxes and various fees when it comes to real estate in Canada as a foreigner. I am grateful and appreciative of any information and advice.
I came across several sites mentioning such. I will take the word of a native over a website though. Thank You very much.
Such mention that you came across might have been in reference to certain other provinces in Canada and to what kind of property is being purchased, what size of property it is, and the intended purpose that the property would be put to - i.e. is it for commercial or agricultural or domestic purposes? But you can be sure that Acajack would be a pretty good authority about matters relating to the province of Quebec.
I believe that purchasing property by non-Islanders (even if Canadian citizens) is restricted on PEI.
Also, Vancouver (or is it BC?) has an extra tax on the purchase of property by non-Canadians. This is an attempt to cool the housing market that is largely driven by foreign speculative buying.
As I said, though, not aware of any such thing here in Quebec.
I believe that purchasing property by non-Islanders (even if Canadian citizens) is restricted on PEI.
Also, Vancouver (or is it BC?) has an extra tax on the purchase of property by non-Canadians. This is an attempt to cool the housing market that is largely driven by foreign speculative buying.
As I said, though, not aware of any such thing here in Quebec.
Indeed no such thing. I recently sold a property in Montreal and had some interest from a foreign buyer (sold to local in the end) and am sure of the local law. However, there may be some changes coming at the federal level that will impose a national foreign buyers tax, so I would act sooner rather than later if I were him.
Buying property in Canada does NOT result in any type of residence visa for a non Canadian. Yes you can buy property here, but as a American citizen you cannot live IN Canada, year round. The best you can do ( without applying for Permanent Resident status ) is be a temporary visitor, for no more than 183 days in any 12 month period of time. That is exactly the same restriction that the US applies to Canadians who want to visit the US. The rule is....a total of 6 months IN Canada, then at least 6 months OUT of Canada.
Indeed no such thing. I recently sold a property in Montreal and had some interest from a foreign buyer (sold to local in the end) and am sure of the local law. However, there may be some changes coming at the federal level that will impose a national foreign buyers tax, so I would act sooner rather than later if I were him.
This is good advice.
There was also IIRC some talk of a Quebec (province)-specific or Montreal-specific foreign buyers' tax à la Vancouver in order to avert the rise of a housing price bubble (à la Vancouver again) given that foreign buyers are looking at us more and more.
I believe that purchasing property by non-Islanders (even if Canadian citizens) is restricted on PEI.
Also, Vancouver (or is it BC?) has an extra tax on the purchase of property by non-Canadians. This is an attempt to cool the housing market that is largely driven by foreign speculative buying.
As I said, though, not aware of any such thing here in Quebec.
The Speculation Tax is for major urban areas in BC. The Empty Homes Tax is for Vancouver.
If you are considering investing in rental property, the only suggestion I have is that you very carefully study the landlord tenant laws before you proceed.
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