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Foreign buyers

This is a perfect opportunity for foreign buyers to invest in Downtown Vancouver Realty. There are many areas of Downtown Vancouver to consider when purchase property. The major Downtown Vancouver Regions are: Coal Harbour, False Creek, Downtown Vancouver, and Yaletown.

Foreign ownership in Canada and Downtown Vancouver requires a witholding tax of 25% on the gross rental income. This is calculated on a monthly basis.The tax implication, however, can become more favourable by completing an NR6 form.

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NR6 Form - NR6

Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent from Real Property.

This form is a joint election between the foreign owner and the local agent or manger that you will file a section 216 Canadian tax return by June 30th, of the following year.

Although filing a section 216 Return is not mandatory, it is usually beneficial, as the NR6 along with the Section 216 filing, will reduce the tax implication from 25% of gross rental income to 25% of net rental income.

   
Allowable deductions include property taxes, repairs and maintenance, management and accounting fees, and advertising expenses. NR6 undertaking must be filed prior to receiving the first rental payment and must be filed annually.

If you are interested in investing in Downtown Vancouver Realty, it is suggested to utilize the nr6 form.

www.cra-arc.gc.ca⁄E⁄pbg⁄tf⁄nr6⁄nr6-06e.pdf


Property Transfer Tax

A Property Transfer tax is a tax imposed by the Provincial Government by buyers⁄purchasers of real estate whether it be residential or commercial.

The property transfer tax is 1% on the first $200,000 and 2% of the remaining value.

There are, however, circumstances which exempt the property transfer tax.

The most notable is for the first time home buyer. If you are buying your first home, you are exempt from this tax. Click here for more info:

www.sbr.gov.bc.ca⁄individuals⁄Property_Taxes⁄Property_Transfer_Tax⁄first_Time_home_buyer.htm

Other Exemptions include transfers from marriage breakdown or bankruptcy. Transfers to charities or transfers involving joint tenants.

You can familiarize yourself with the exemptions here:

www.sbr.gov.bc.ca⁄individuals⁄Property_Taxes⁄Property_Transfer_Tax⁄exemptions.htm



Please feel free to contact us regarding any questions you might have about Real Estate in Downtown Vancouver.



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