April 3, 2023
Canada announces amendments to ease the Prohibition on the Purchase of Residential Property by Non-Canadians Act
On March 27, Housing and Diversity and Inclusion Minister Ahmed Hussen announced amendments to the accompanying Regulations of the Prohibition on the Purchase of Residential Property by Non-Canadians Act. The Act was passed by the Government of Canada with the intent to make housing more affordable for Canadians by preventing foreign investors from purchasing residential property in Canada when they have no intention for settlement in Canada. The Regulations of the Act were developed to set out specific exceptions, definitions, and clarifications necessary to implement the prohibition.
A Tax Alert prepared by EY Law LLP, and attached below, provides additional details.
Full text of Tax Alert