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Real Estate and Taxes with Lakshay
2024 Update
to the
Foreign
Buyer Ban
•By Lakshay Gandhi CPA, CGA
•647-987-4025
•support@accountingops.ca
Agenda
What is the ban? Date started?
Who is impacted by this ban?
What are the exceptions?
Looking forward
Previously
• Foreign buyer ban began on January 1st, 2023.
• Anyone who is not a Canadian Citizen or Permanent
Resident is prohibited from purchasing residential
homes (excluding cottages as well as 4+
multiplexes) within Canada for a period of 2 years.
• The ban is expiring on December 31st, 2024.
New changes
The rule, which was
first announced in
2022, will now be
extended until the
beginning of Jan 1,
2027.
It bans foreign
nationals and
commercial enterprises
from buying residential
property in Canada,
with some exceptions.
Rules for Foreign buyer
ban
• Non-Canadians can purchase residential
properties located outside of Census
Metropolitan Areas (CMA) and Census
Agglomerations (CA).
• If a non-Canadian, or anyone who
knowingly assists a non-Canadian, is
convicted of violating the prohibition,
they will have to pay a fine of up to
$10,000. Additionally, a court can order
the sale of the residential property.
Ban doesn’t apply to
• Purchase of vacant land zoned for residential and mixed use.
• Purchase of residential property for development (house flipping
not allowed)
• Temporary residents studying and/or working in Canada
Temporary
resident
conditions
Work permit holders Study permit holders
•hold a valid work permit or are
authorized to work in Canada, and
•have 183 days or more of validity
remaining on their work permit or
work authorization at time of
purchase, and
•have not previously purchased a
residential property in Canada
while the prohibition is in effect
• are enrolled in a program of
authorized study at a designated
learning institution
• have filed income tax returns for
each of the 5 taxation years
preceding the year in which the
purchase was made, and
• have been physically present in
Canada for a minimum of 244 days
in each of the 5 calendar years
preceding the year in which the
purchase was made, and
• have not previously purchased a
residential property in Canada while
the prohibition is in effect, and
•purchase a property for a price not
exceeding $500,000
Summary of exceptions
• International students having spent 5 years in Canada, with a purchase
limit of $500,000.
• Work permit holders with at least 3 years of filed tax returns in the last
4 years
• Diplomats, consulate staff, & other designated foreign dignitaries of
their employees
• Foreign nationals with temporary resident status, for example refugee
status
Conclusion
• Too many loopholes
• One foreigner can start a business and then hire themselves as a
temporary worker to qualify
• Multi-family dwelling can be purchased
• Buying outside the Census metropolitan areas is allowed
Does the Prohibition on the Purchase of Residential Property by Non-Canadians Act apply to
Ukrainians who came to Canada under the Canada-Ukraine Authorization for Emergency Travel
(CUAET) program?
• No. The Act doesn’t apply to people who have been granted temporary status because they are
fleeing a crisis, including Ukrainian nationals who came to Canada under the CUAET program.
Can non-Canadians acquire vacant land?
• Yes, as of March 27, 2023, the prohibition does not apply to vacant land.
Can non-Canadians purchase residential property for development purposes?
• Yes, as of March 27, 2023, the regulations provide an exception for non-Canadians purchasing
residential property for purposes of development.
FAQs
Thanks for listening
• Lakshay Gandhi CPA, CGA
• 647-987-4025
• Support@accountingops.ca
• Subscribe to my YouTube
channel – Real estate and
Taxes with Lakshay

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2024 Updates to foreign buyer ban in Canada

  • 1. Subscribe to my YouTube Channel: Real Estate and Taxes with Lakshay
  • 2. 2024 Update to the Foreign Buyer Ban •By Lakshay Gandhi CPA, CGA •647-987-4025 •support@accountingops.ca
  • 3. Agenda What is the ban? Date started? Who is impacted by this ban? What are the exceptions? Looking forward
  • 4. Previously • Foreign buyer ban began on January 1st, 2023. • Anyone who is not a Canadian Citizen or Permanent Resident is prohibited from purchasing residential homes (excluding cottages as well as 4+ multiplexes) within Canada for a period of 2 years. • The ban is expiring on December 31st, 2024.
  • 5. New changes The rule, which was first announced in 2022, will now be extended until the beginning of Jan 1, 2027. It bans foreign nationals and commercial enterprises from buying residential property in Canada, with some exceptions.
  • 6. Rules for Foreign buyer ban • Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA). • If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.
  • 7. Ban doesn’t apply to • Purchase of vacant land zoned for residential and mixed use. • Purchase of residential property for development (house flipping not allowed) • Temporary residents studying and/or working in Canada
  • 8. Temporary resident conditions Work permit holders Study permit holders •hold a valid work permit or are authorized to work in Canada, and •have 183 days or more of validity remaining on their work permit or work authorization at time of purchase, and •have not previously purchased a residential property in Canada while the prohibition is in effect • are enrolled in a program of authorized study at a designated learning institution • have filed income tax returns for each of the 5 taxation years preceding the year in which the purchase was made, and • have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the year in which the purchase was made, and • have not previously purchased a residential property in Canada while the prohibition is in effect, and •purchase a property for a price not exceeding $500,000
  • 9. Summary of exceptions • International students having spent 5 years in Canada, with a purchase limit of $500,000. • Work permit holders with at least 3 years of filed tax returns in the last 4 years • Diplomats, consulate staff, & other designated foreign dignitaries of their employees • Foreign nationals with temporary resident status, for example refugee status
  • 10. Conclusion • Too many loopholes • One foreigner can start a business and then hire themselves as a temporary worker to qualify • Multi-family dwelling can be purchased • Buying outside the Census metropolitan areas is allowed
  • 11. Does the Prohibition on the Purchase of Residential Property by Non-Canadians Act apply to Ukrainians who came to Canada under the Canada-Ukraine Authorization for Emergency Travel (CUAET) program? • No. The Act doesn’t apply to people who have been granted temporary status because they are fleeing a crisis, including Ukrainian nationals who came to Canada under the CUAET program. Can non-Canadians acquire vacant land? • Yes, as of March 27, 2023, the prohibition does not apply to vacant land. Can non-Canadians purchase residential property for development purposes? • Yes, as of March 27, 2023, the regulations provide an exception for non-Canadians purchasing residential property for purposes of development. FAQs
  • 12. Thanks for listening • Lakshay Gandhi CPA, CGA • 647-987-4025 • Support@accountingops.ca • Subscribe to my YouTube channel – Real estate and Taxes with Lakshay