On May 6, 1997, Finance Minister, Ernie Eves repealed the 20% land transfer tax for non residents of Canada purchasing restricted land. Now non residents will pay the same land transfer tax as everyone else.
The demand for farms, recreational property, woodland & orchards is expected to rise dramatically.
1. an individual who is not ordinarily a resident in Canada. (If he has sojourned in Canada for at least 366 days in the previous 24 months, he will be deemed to be a resident.)
2. an individual who is ordinarily a resident here but is not a Canadian citizen
3. an individual who is ordinarily a resident here but in not a landed immigrant
4. a partnership or other association in which fifty per cent of the members are non-residents
5. a trust in which non-residents have 50% of the ownership of the income or capital
6. a corporation regardless of how or where it was incorporated if in fact it is controlled directly or indirectly by non-residents.
Seek legal advice. There may be valid methods that can be used to ensure that no conveyance of land occurs that requires registration.
All land zoned, assessed or used as: farm, recreational property, woodland or orchard.
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