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INFORMATION
FOR NON RESIDENTS |
Property
here in Victoria is beautiful, abundant and best of all,
incredibly affordable when compared to other parts
of the world.
The
Canadian Dollar is still at a discount, therefore
is still an advantage for American buyers! Currency
Exchange
There is no
requirement in British Columbia that the purchaser
of real property have any particular residency or
citizenship. To occupy residential premises, the
non-resident must comply with Immigration
requirements. These vary depending upon the
nationality of the Individual Involved. U.S.
residents are relatively free to occupy
residential premises In Canada on a temporary
basis. You may wish to check with your nearest
Canadian Consulate regarding any residency permits
that may apply in the event of an extended stay In
Canada. You may also wish to bear In mind the
following information:
Property
Transfer Tax
The
purchase of property in B.C. is subject to a
provincial transfer tax amounting to one percent
on the first $200,000 and two per cent on the
balance. Some exemptions apply in the case of
buyers who have not owned property anywhere in the
past. For detailed information, contact the
Property Transfer Tax Information Line at (250)
387-0604.
Property Taxes
Individual
municipalities levy annual property taxes. The
actual amount of tax payable depends on a number
of factors, the key one being the assessed value
of the property as determined by BC
Assessment,
a provincial assessment authority. This is a value
set as of July 1 each year and is meant to reflect
the market value as of that date. Citizens may
appeal their assessment if they think it is too
high. Municipalities then determine the rate of
property tax to be levied based on this assessed
value. Included in the annual tax notice are
school and other taxes which are set by the school
district and other bodies. When considering a
particular property, ask what the current property
tax amount is - this information is usually
readily available.
Goods and
Services Tax (GST)
The
purchase of a brand new home, as distinct from a
resale home, is usually subject to the federal GST.
This tax stands at 7% though a partial rebate is
normally granted if the buyer plans to five in the
home. The REALTOR with whom you deal will be able
to tell you more about this if it applies. You may
also wish to contact Canada Customs and Revenue
Agency (telephone: (250) 363-0121) or write
to them (Canada Customs and Revenue Agency,
Vancouver Island Tax Services, 1415 Vancouver
Street, Victoria, BC V8V 3W4) regarding whether
GST would be applicable in your case and whether
there are any other issues about which you should
be aware. If you have access to the Internet, you
may wish to visit the Victoria
Real Estate Board site where you will find
a number of information articles concerning buying
real estate in B.C. You will also be able to
search for properties that meet your criteria In
terms of price range and location.
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CONFIG
BUSINESS SOLUTIONS
of listing your
property with me...
BROOKE MILLER
-
RE/MAX Camosun
4440 Chatterton Way, Victoria, BC, Canada, V8X 5J2