Banned from Buying Real Estate in Canada

Banned from Buying Real Estate in Canada
Buying Real Estate

Foreign Buyers and Investors have been blamed as part of the problem in the rising prices of real estate in Canada.

In an effort to address this issue, The Government of Canada announced two measures that will take effect in January 2023.

The Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force on January 1, 2023. Non-Canadians will be banned from buying homes across Canada. This Act prohibits non-citizens and non- permanent residents from purchasing residential property in Canada for the next 2 years.

New Anti-Flipping Rule
Under the proposed new rules, where there has been a disposition of a “flipped property”, any gain realized is taxable as business income and not as a capital gain. Therefore where only 50% of gains were taxable, with this new tax rule the entire gain is taxable as 100% business income. 🧐💥


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