GST....A 5% FEDERAL TAX, THAT APPLIES TO THE PURCHASE OF NEW CONSTRUCTION. IN WHISTLER, THE PAYMENT OF GST CAN BE DEFERRED IF THE NEW PURCHASER IS GOING TO CONTINUE TO OFFER THE PROPERTY AS A SHORT TERM RENTAL FOR 90% OF THE TIME. YOU WILL NEED A GST # FROM CANADA REVENUE AGENCY, YOU WILL BE REQUIRED TO FILE AN ANNUAL GST RETURN AS WELL
2. STRATA CONDOMINIUM
STRATA CONDOMINIUMS PROVIDE A FEE SIMPLE INTEREST IN REAL PROPERTY, AND COMMON PROPERTY OWNED AS TENANTS IN COMMON. STRATA FEES COVER ITEMS SUCH AS, INSURANCE, PARKING, SNOW CLEARING, LANDSCAPING, HOT WATER, GARBAGE PICK UP, WINDOW CLEANING ETC...ALL ITEMS THAT IF YOU OWNED A SINGLE FAMILY HOME, YOU WOULD HAVE TO PAY FOR, BUT THESE COSTA ARE SHARED WHEN YOU OWN IN A STRATA CONDOMINIUM.
3. WHUSTLER RENTAL COVENANTS - PHASE 1 AND PHASE 2
THERE ARE 2 TYPES OF COVENANTS IN WHISTLER. A PHASE 1 RENTAL COVENANT ALLOWS THE OWNER FULL UNRESTRICTED USE OF THEIR PROPERTY. WHEN THE OWNER IS NOT USING THEIR PROPERTY IT IS MEANT TO BE PLACED INTO A RENTAL POOL, MANAGED BY A PROPERTY MANAGEMENT COMPANY.
PHASE 2 COVENANT IS MUCH MORE RESTRICTIVE AS AN OWNER IS ALLOWED ONLY 28 DAYS PER WINTER AND 28 DAYS PER SUMMER, FOR PERSONAL USE. THE REMAINDER OF THE TIME MUST BE RENTED OUT BY THE RENTAL MANAGEMENT COMPANY, AND RENTAL REVENUES RECEIVED ARE POOLED AND DIVIDED UP FPR PAYMENT, BY USING UNIT ENTOTLEMENT NUMBERS.
4. FINANCING
I LIVE ABROAD , CAN I GET MORTGAGE FINANCING ? YES YOU CAN RECEIVE A STANDARD 25 YR AMORTIZATION, 1-10 YR TERM MORTGAGE, THROUGH CANADIAN LENDERS, BUT AS A NON RESIDENT YOU WILL NEED A MINIMUM DOWNPAYMENT OF 35%
5. EXAMPLE OF EXPENSES ON CLOSING
GST AT 5% WHERE APPLICABLE
PROPERTY PURCHASE TAX (PPT) WHICH IS 1% ON THE FIRST $100,000 AND 2% ON THE REMAINDER.
LAWYER'S CONVEYANCING FEES, AND REGISTERING THE SALE UNDER LAND TITLES OFFICE.
