Foreigner Sales Tax

You are considered a foreigner if; 

“FOREIGN ENTITY”

A “foreign entity” is defined as either a “foreign national” or a “foreign corporation.”[14]

A “foreign national” is defined in the Immigration and Refugee Protection Act, as either a “stateless” individual or an individual who is neither a permanent resident nor citizen of Canada.[15]

A “foreign corporation” refers to one of the following types of corporations:

“1. A corporation that is not incorporated in Canada

2. A corporation, the shares of which are not listed on a stock exchange in Canada, that is incorporated in Canada and is controlled, directly or indirectly in any manner whatever, within the meaning of section 256 of the Income Tax Act (Canada), by one or more of the following:

i.  A foreign national;

ii.  A corporation that is not incorporated in Canada;

iii.  A corporation that would, if each share of the corporation’s capital stock that is owned by a foreign national or by a corporation described in paragraph 1 were owned by a particular person, be controlled, directly or indirectly in any manner whatever, within the meaning of section 256 of the Income Tax Act(Canada), by the particular person.”[16]

“TAXABLE TRUSTEE”: IMPORTANT EFFECT ON LAND CONVEYANCES INVOLVING TRUSTS

For the NRST, a “taxable trustee” refers to either a trustee of a trust where either at least one trustee could be considered a “foreign entity”, or importantly, where the trustee is not a foreign entity but where the beneficial interest in the land is held by a foreign entity beneficiary.[17] In other words, if land is purchased using a trust, even if a trustee is not considered a foreign entity, the NRST rules imply that even if one beneficiary (even a potential one) could be considered a “foreign entity”, the conveyance could be subject to the NRST.

Trustees acting for three types of trusts are exempt from the NRST: a mutual fund trust[18], a real estate investment trust[19], and a SIFT trust.[20]  https://www.allaboutestates.ca/ontarios-non-resident-speculation-tax-a-cautionary-trust-tale/

You are exempted; If you are Permanent Resident Status or a Citzen of Canada.

Have they denied you a Mortgage? You already pay HUGE rent!

We all want to own our own home;  Its an emotional issue.  Belonging.  Stability. Your refuge.  Your own lawn or Balcony away from the world. This is Human Nature and one of the BIGGEST draws about coming to Canada.  

The New dynamic of Contract Employment and Now YOUR responsibility to remit taxes is creating a strata of Strong Income Earners who are paying very high rents to live in Toronto, [ yes albeit in modern clean well appointed new condo developments,] that may have missed a payment or two, missed a filing deadline, still have a student loan, become divorced or simply had a reversal of fortune that dramatically changed their circumstances and the CREDIT BUREAU report. 



You are ready to start a family and your needs are changing.  We need to look at this differently. Let's Get your credit repaired and Go Buy you, your own place, so you can stop feeling like you are throwing your money away on rent.

If you are in the Toronto GTA, I would like to meet with you.

http://Bit.Ly/GetDave  or write http://Bit.Ly/CallDavid   or  email

Of course;   You could just call 647 218 2414