Canada Publishes Regulation Prohibiting Purchase of Primary Residence by Non-CanadiansTristan North - Dec 29 2022
On 21 December, the Canadian Government issued the regulation implementing the law prohibiting the purchase of a primary residence by non-Canadians. The prohibition goes into effect on January 1, 2023, and is scheduled to last for two years.
Non-Canadian transferees who have worked and filed tax returns in Canada for three out of the last four years will still be able to purchase a primary residence in Canada. Transferees who don't meet the requirement and non-Canadian companies will not be able to purchase a primary residence directly or on behalf of a Canadian or non-Canadian transferee as part of a relocation program.
The Canadian Employee Relocation Council (CERC) has been spearheading an effort for a relocation exemption. In early December, CERC as well as Worldwide ERC had sent Canadian Ministries a letter requesting an exemption. We are evaluating next steps on how we can continue to pursue a relocation exemption from the regulation.