Non- resident of Canada..can I own a vacation property?
I own properties i.e a house, land, car and boat here in Ontario (my house is NOT a waterfront property). In fact, my house is situated quite near the lake/cottage country area.
I still want to come back though to visit my family and friends here in the future but the question now can I at least keep the my house and the boat? or Do I have sell forego all including my car, bank accounts, license and etc? Advice needed!! Thanks.
Answer:
When you say you are a Canadian "nationality", do you mean a Canadian "national"? Assuming you do....
I'm not sure why you think you would have to sell everything off. Even foreigners can own property here, so why would a Canadian not be allowed to? There is a tax consequence though: if you have income in Canada, you have to file a tax return in Canada (this applies whether you are foreign or Canadian). So keeping your income-collecting property might affect your tax situation.
There are other things to think about. For example, you won't be covered by Canadian health care if you get sick, unless you return to Canada for a set length of time (3 months I think).
No, you can keep all your property and chattels as a non-resident.
When you finally do sell your property (Real Estate) the gains on the sale will be subject to a non-resident witholding tax.
But only on the profit.
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