Andy Taylor
Phone
(416) 994-2118
Email
[email protected]
A guide for non-residents to purchase real estate in Canada .
Senior Vice President | Broker
Senior Vice President | Sales Representative
Reasons to Purchase Real Estate in Canada:
Strong and Stable Economy: Canada boasts a strong and stable economy, making it an attractive destination for real estate investment. The Canadian real estate market has historically shown resilience and steady growth, offering potential for long-term appreciation.
High Quality of Life: Canada consistently ranks high in global quality of life indices. Its excellent education system, world-class healthcare, and safe communities make it an appealing place to live or invest in property for personal use or rental income.
Investment Potential: Certain Canadian cities, such as Toronto and Vancouver, have seen significant real estate appreciation in recent years. Investing in these areas can offer opportunities for capital growth and rental income, particularly for properties located in desirable neighborhoods or near major employment centers.
Non-Resident Speculation Tax or Foreign Buyers’ Tax is an additional tax that is payable by non-residents when acquiring real estate in certain provinces.
Land Transfer Tax (or a similar levy) is charged in most provinces when purchasing real estate.
Annual Property Taxes become payable once real estate is acquired and an adjustment is almost always required on the closing date to account for pre-paid or unpaid amounts.
Speculation and Vacancy Tax applies to properties in certain areas if they are not occupied for a certain period of time during the year.
When selling real property, non-residents are generally subject to capital gains tax on the profit.
Favourable tax structures are capable of being implemented in certain circumstances.
Five Top Ways to Immigrate to Canada
Immigrate to Canada through Express Entry
Canada’s Express Entry is its fastest immigration program. It can move you to Canada in as fast as six months! You do not need a job offer to apply through Express Entry, and you can be from anywhere in the world wanting to immigrate to Canada. You can go through any one of its categories:
If you are eligible in any of the three categories, you may submit your online profile, and it will be given a score through Canada’s Comprehensive Ranking System (CRS). The highest-ranking candidates then receive an invitation to apply (ITA) for Canada’s permanent residency. The following factors are some of the basis of getting your CRS score:
Immigrate to Canada through the Provincial Nominee Programs (PNP)
The provinces of Canada did not stop nominating overseas workers for permanent residency even during the pandemic. Canada is going to welcome 83,500 new immigrants through the Provincial Nominee Programs (PNP) this year. Canada’s provinces and territories offer various nominee programs with different qualifying criteria.
The following provinces under PNP can nominate you if you have the skills needed by them. Each province has a different set of skills requirements; thus, each has its own PNP and set of requirements.
Immigrate to Canada with Job Offer
If you have a Job Offer, it will provide you with several routes in getting you a Canadian permanent residency. Take note: A job offer is not valid if your employer is an embassy, high commission, or consulate in Canada or on the list of ineligible employers. Additionally, a valid job offer must be supported by a Labour Market Impact Assessment (LMIA) in most cases.
Job Offer Inclusions
What constitutes a valid job offer? It should contain the following details:
Job Offer Requirements
Your job offer must:
The offer letter may also provide details of work hours, start date, and other relevant information necessary for the prospective employee’s knowledge.
Upon creation of your Express Entry profile, you must include the LMIA number to indicate that you have a job offer. Keep your original document safe as you may be asked to present it if you get an invitation to apply (ITA).
Immigrate to Canada through Family Sponsorship
Family reunification is still the foundation of Canada’s immigration policy, and the country is planning to welcome 105,000 new permanent residents through this program this year. Those who are Canadian citizens or permanent residents can sponsor their relatives to live in Canada permanently. Below are the four family sponsorship program streams.
Spousal and common-law partner sponsorship stream
A permanent Canadian citizen can sponsor their spouse or partner for permanent residency through this stream. They can do it whether they are currently in Canada or not.
Immigrate to Canada by Buying a Business: Business Immigration
It is for the high-net-worth individual who has a business or managing a business overseas. Canada welcomes them as they can highly contribute to the country’s economy. It is one of the easiest ways to immigrate to Canada through a federal or provincial business immigration program.
You will need to invest in the company that you intend to start in Canada through the Business immigration program. The amount of investment will depend on the program you will be interested in.