What are the latest Canadian ‘Change of Use’ Rules for Cross-Border Real Estate?
Want to know the latest Canadian rules regarding ‘change of use’ for cross-border real estate? The tax laws surrounding cross-border real estate can be difficult to interpret and understand; however, understanding these rules is essential before making any decisions that could have major financial implications. For example, when a use change occurs (such as selling a property and repurposing it), the fair market value must be considered. Furthermore, there may also be Non-Resident Speculation Tax (NRST) payments due in certain circumstances, as well as Goods & Services Tax/Harmonized Sales Tax (GST/HST). In this blog post, we will provide an overview of the most current change of use laws and regulations in order for anyone facing these circumstances to make an informed decision regarding their cross-border real estate endeavors. What is a Change of Use in Canadian Real Estate When the 'Change of Use' rules come into play, a Canadian homeowner is essentially deemed to have ...