Does the Underused Housing Tax apply to you for 2022?


Below is a copy of an email sent by BDO Whistler (my favourite local accountants for everything related to taxes etc)  with regard to the new Underused Housing Tax policy.  You can read their email in detail (Thanks Joanna!) to determine if you need to file.  Be aware that the deadline for filing this form is May 1, 2023

The link to the form is HERE


Subject: IMPORTANT – The new Underused Housing Tax may apply to you for 2022!
Date: 8 March 2023 at 4:17:41 AM GMT+9

Dear BDO Client,   A new federal Underused Housing Tax (UHT) has been introduced that may require a UHT Return filing  no later than May 1, 2023, for the 2022 calendar year. The 1% UHT is intended to apply to non-residents on…

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Can Foreigners (non-residents of Canada) Buy Property in Whistler?

YES!

There is no restriction on who can buy a property in Whistler.   The 2 year restriction for foreign buyers are related to towns with larger populations and Whistler is still a small town!  Did you know that our population is just under 14,000 full time residents and approximately 10,000 more of second home owners?  We can host up to 60,000 people at prime tourism seasons (including our regular population).

Based on the 2021 census information, Whistler is not located within a "Census Metropolitan Area" nor a "Census Agglomeration" - both of which are populations of more than 100,000.

If you would like to read the actual legislation, here's the link.  Click HERE

Denise

…

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BC & Canada Government image

CANADIAN & BRITISH COLUMBIAN GOVERNMENT LEGISLATIVE CHANGES COMING JANUARY 2023

Foreign Buyer Ban

Beginning January 1, 2023, non-Canadians will be banned from buying residential property across Canada for two years. Although the federal government has still not released supporting regulations at this point, the Canadian Real Estate Association and BCREA will notify REALTORS® as soon as any guidance is released.  There are some exceptions (and Whistler may be one of them), full details won't be available to us until January 1st (frustrating I know!)

Click HERE to read the full article.  


Home Buyer Rescission Period

Also beginning January 3, 2023, The HBRP provides buyers an opportunity to rescind their contract to purchase certain…

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Buyer Origin USD to CAD

Buyer origin 2022



A quick review of buyer origin graphs above:

  •       Canadians have always been the biggest buyers of Whistler real estate.
  •       Canadian buyers reached a high of 91.45% in 2020 and 95.86% in 2021. 
  •       Lower Mainland/Vancouver have been the largest portion of this population.  Approximately 10% comes from the rest of Canada.
  •       Over time the average percentage of Canadian buyers of Whistler real estate was between 82% to 86%.
  •       Buyers from the USA peaked in 2016 at 10.5% and in 2019 at 10.24%. 
  •       The balance of buyers is mixed between UK, Mexico, Australia and Asia
  •       So far in 2022 USA has been over 7% of buyers and it this is expected to rise due to the weak Canadian dollar…

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What does the CMHC say?

In its most recent post, CMHC has received public feedback and is working to finalize the details and regulations under the Act, and how to enforce it.


CMHC's summary of the legislation is:

"The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established. (Once we’ve reviewed your feedback, we can establish the exemptions.)

The Act:

  • restricts non-Canadians from avoiding the prohibition by using corporations or other entities to purchase residential property
  • allows the…

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Foreign Buyer Ban

The Canadian Real Estate Association (CREA) published an update on the "Prohibition on the purchase of residential property by non-Canadians Act" (also called Foreign Buyer Ban) which comes into force January 1, 2023.  

While Whistler avoided British Columbia’s Foreign Buyer Tax (implemented in August 2016) and the Speculation and Vacancy Tax (SVT) (introduced in the province’s ‘Budget 2018’), it is not going to avoid this Ban.  Based on BC's experience with these taxes, such measures have had a small and often temporary effect on real estate markets, housing availability and affordability. The effects are largely isolated to large metropolitan markets, with no statistically significant impact in smaller communities.  The Act:

    …

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