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Financing Information - Mortgage Calculator & Currency Convertor
It is possible for non-residents to purchase most types of real estate in Canada. In Alberta there are some exceptions, these being land outside a municipality, agricultural land and controlled land. The amount of land that a non-resident can purchase in Alberta is limited to 20 acres in most cases. When a non resident purchases a property that is used for rental or revenue purpose, there are certain tax deductions required by Revenue Canada on that rental income. Depending on the country the purchaser resides in, the withholding tax is between 15 to 25% of the net (or gross) income. This will depend on the tax treaty that the purchasers country has with Canada. An undertaking to file an income tax return must be signed by the non-resident, and this is usually handled through a Canadian agent on behalf of the non-resident.
Financing Information - Mortgage Calculator & Currency Convertor
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