Clarification on the foreign buyer tax
We’ve had questions regarding who'll be exempt from this tax. You’ll be exempt from paying the new tax if you:
• Are a Canadian citizen, even if you live abroad; or
• Are legally classified as a “permanent resident” - someone who’s been given permanent resident status by immigrating to Canada, but is not a Canadian citizen. Permanent residents will have a valid permanent resident card issued by the Canadian government. Click here for more information on permanent residency.
We’ve also clarified this information in the below article we sent you earlier today.
Government to introduce a 15 per cent foreign buyer tax effective August 2
The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or...