25 Mar Ownership of Canadian Real Estate by U.S. Citizens
Ownership of Canadian Real Estate
by U.S. Citizens
Canada has ranked as one of the most desirable countries to live in overall for decades. In a recent OECD rankings, Canada ranked third, just behind Australia and Sweden. With more Americans unhappy about the politics, economy and crime rates in their country than ever before, thoughts of moving to “a better place” are not uncommon.
Although Australia and Sweden may rank slightly higher, Canada makes much more sense. It’s closer both geographically and culturally. English is our primary language.
It’s easy and cheaper to get here. It’s clean. It’s safe. Water is believed by many experts to be the most valuable commodity on earth. Canada has 20% of the world’s fresh water.
For most Americans, no matter how upset they may be about how things are going, moving to another country is not a realistic option. But how about owning property in Canada that can be used for up to 6 months a year with no immigration issues or restrictions? And it will be maintained and rented for you when you’re not using it. Whether it’s whole or fractional ownership, Sunrise Ridge Waterfront Resort may be the answer. Here’s a few considerations, all of which should be confirmed with the appropriate professionals.
Living 6 months or less in Canada you are considered a non-resident eliminating the lengthly and complex immigration process. You will simply need a valid passport to cross the border.
Foreign banks cannot register mortgages in Canada. You must use a Canadian bank and may be subject to higher downpayment, often 35%.
You must use a Canadian lawyer or notary for conveyance
183 day rule – must declare world income if you spend more than 183 days in a calendar year in Canada. Any tax issues should be discussed with a professional.
There may be accrued capital gains on the sale of your property. Normal Canadian tax rates are on 50% of the gain
You must obtain a Clearance Certificate when selling… usually a 6-8 week process
You pay the same fees and taxes as a Canadian does in B.C.
Property Transfer Tax is 1% of first $200,000 and 2% over that
GST (Goods and Services Tax) of 5% on the purchase
Exchange rates normally favour the U.S. dollar. Both the purchase price and monthly fees are paid in Canadian funds.
It’s true that much of Canada experiences some pretty harsh winters. But not Vancouver Island. Perched just off the west coast of Canada in the Pacific Ocean, it boasts the most temperate climate in the country. You won’t feel hemmed in on this island. It’s bigger than Belgium with a population under 1 million. You can check out Parksville’s prestige fractional real estate development and the area on our website….. suriseresortparksville.ca. There are a couple of links below that will show you the resort and surrounding area.
Spectacular scenery… take a flight with one of our new owners!
Here’s a walk through of a three bedroom vacation home
Here’s a two bedroom residential vacation home
What would you do while you were here?
Photos of the resort and surrounding area
Options for travel to Vancouver Island
What does ownership cost? It depends on a number of factors depending on the size of the unit and, naturally, how much of it you own. We offer fractional ownership as an alternative to owning and maintaining an entire vacation home making it affordable for anyone who can afford to own and operate a vehicle. Full ownership is available to those looking for longer stays and a real estate investment.
If you like what you see, why not simply take a vacation here to see it for yourself? If you have any questions you can contact me Toll-free at 866-812-3224 or e-mail me….