Foreign Investors

Located in beautiful British Columbia’s southern interior, the North Okanagan Valley is a true four-season destination, prized for its warm dry summers, hundreds of swimmable lakes, wineries, mountain biking, and golf. The Okanagan’s moderate winters and easily accessible, snowcapped mountains offer abundant ‘Champagne Powder’ and world-class skiing. Silver Star Mountain Resort is a full service, four-season resort ideal for a permanent home, vacation retreat or an investment property.

You do not need to be Canadian to purchase property on Silver Star Mountain Resort. We welcome foreign investors! As a potential foreign investor you should be aware of how the Canadian tax and financing rules apply to you.

Taxes

Rental Property Investment by Non-Residents of Canada

Source: KPMG LLP

Investing in Canadian real property, particularly vacation properties, is becoming increasingly popular with non-resident investors. Unfortunately, the Canadian tax consequences of investing in Canadian real property by a non-resident of Canada can be quite confusing. Since non-compliance with the Canadian income tax rules, particularly the withholding tax rules, and the Goods and Services Tax (“GST”) rules, can result in significant penalties, the potential investor should be aware of how these rules work prior to investing.

More details, read the full report (pdf)
This PDF letter is intended to provide a brief summary of the rules that the foreign investor should be aware of at the time of investing in Canada. This letter is not intended to be a complete summary of the available Canadian mortgage financing with respect to a particular situation. Source: Invis, Dawn Stephanishin, AMP Mortgage Broker

Financing

Mortgages for Non-Residents of Canada

Source: Invis, Dawn Stephanishin, AMP Mortgage Broker

Non Residents of Canada, are generally full time residents outside of Canada and will have their income source paid and taxed in another Country. Purchasers will be required to provide confirmation of income, down payment, assets and Liabilities for all world-wide properties. A letter of reference from your Bank is required to confirm your Banking relationship is in good standing and you have the Minimum of 3 years history of an acceptable Banking Relationship (Anti Money Laundering Act) or a full International Credit Bureau will be accepted. A new to Canada client who has recently arrived in Canada under a work visa or is a landed immigrant, will likely qualify for a lower down payment under one of the Mortgage insurance programs to aid in their transition into Canada. Any USA and Canada dual citizens will likely be considered Non Residents as to where there worldwide income has been reported. You also need to be present in Canada for the signing of the Mortgage financing, so the closing date for your new home should be negotiated to ensure you are present.

More details, read the full report (pdf)
This PDF letter is intended to provide a brief summary of the rules that the foreign investor should be aware of at the time of investing in Canada. This letter is not intended to be a complete summary of the Canadian tax laws with respect to a particular situation. Source: KMPG LLP