Non- resident of Canada..can I own a vacation property? | |
I am a Canadian nationality (back and forth) between Europe and Canada because of my job. I am going to apply for a non-residence status so I could live in Europe next year.
I own properties i.e a house, land, car and boat here in Ontario (my house is NOT a waterfront property). In fact, my house is situated quite near the lake/cottage country area.
I still want to come back though to visit my family and friends here in the future but the question now can I at least keep the my house and the boat? or Do I have sell forego all including my car, bank accounts, license and etc? Advice needed!! Thanks.
Answers:
1When you say you are a Canadian "nationality", do you mean a Canadian "national"? Assuming you do....
I'm not sure why you think you would have to sell everything off. Even foreigners can own property here, so why would a Canadian not be allowed to? There is a tax consequence though: if you have income in Canada, you have to file a tax return in Canada (this applies whether you are foreign or Canadian). So keeping your income-collecting property might affect your tax situation.
There are other things to think about. For example, you won't be covered by Canadian health care if you get sick, unless you return to Canada for a set length of time (3 months I think).
Back
Add Your answer to this question: | |
|
|
 |
Powered by Yahoo! Answers
| 
