Fiscal and Financial Planning Guide 2024-2025
Owners > Non-Canadians
5 years moratorium (2022-2026)
In an effort to reduce real estate speculation, the federal government prohibits non-Canadians from acquiring residential properties of less than four units for a five-year period (2022 to 2026).
The prohibition does not apply if the purchase is made for the purpose of immigration or employment in Canada within two years after the purchase.
Non-Canadians who purchase a property despite the prohibition, as well as anyone who assists or advises them in the transaction (e.g., notary, real estate broker) are subject to a maximum penalty of $10,000. The property also could be subject to a forced resale.
Taxes on unused dwellings
In the same perspective, the federal government announced in 2022 a new annual tax of 1% of the value of a vacant residential building (less than four units) held by a non-Canadian.
A UTH-2900E form must be filed for each residential building held on December 31, 2023.