Announced late March, foreign nationals can now take part in a Canadian work permit through the BC Provincial Nominee Program, which allows them to be exempt from the newly implemented 15% Foreign Buyers Tax when purchasing a home or other kinds of investment property in BC.
After less than a year in which the PTT tax was set forth, foreign nationals and foreign corporations were backing away from real estate purchases in BC due to the restrictions put forth regarding buying property in this province – with foreign real estate investments mainly being conducted within Metro Vancouver.
Refund Policy Now in Place
For those who have purchased property as a foreign buyer on or after August 2, 2016, they can now apply for a refund if they were or are now in possession of a Canadian work permit, and applications can be found here -> forms.
Rebates for Foreign Nationals
In addition, those who have or will become a permanent resident or citizen of Canada within a year of purchasing their property – so long as it’s their principal residence, can also apply for a rebate.
Who Is Not Eligible for a Refund?
You will not qualify for a refund if you are a part of the Canadian Federal Skilled Worker Program.
After the recent uproar from Canadian citizens over the price of real estate – mainly in the Lower Mainland, a subsequent backlash was seen from foreigner buyers taking their investment dollars to other areas in Canada such as Toronto and Calgary. Due to this, Premier Clark has decided to move some of the property purchasing barriers and regulations to allow for a continuation of economic growth, giving foreign buyers added options in an aim to maintain a steady flow of foreign investments.
Want to know more? Check out the below links…