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Foreign Buyer Ban ON as of January 1, 2023
The Federal Government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act will be in effect as of January 1, 2023.
Who Does it Prohibit?
- Foreign Individuals: The Act prohibits non-Canadians from buying for two years. So if an individual is not a Canadian citizen, is not a permanent resident or is not registered under the Indian Act they are prohibited from buying.
- Foreign Corporations: The Act also prohibits the following foreign corporations from buying directly or indirectly.
- Corps based in Canada that are privately held,
- Corps not listed on a Canadian stock exchange,
- Corps that are controlled by someone who is a non-Canadian,
- Entities formed under Canadian or provincial laws controlled by a non-Canadian,
- Entities not formed under Canadian or provincial laws.
A non-Canadian or a foreign-controlled corp. is defined as an entity in which a con-Canadian owns 3% or more or has 3% or more voting rights.
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