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Buying house in Alberta on a work permit - Becoming non-resident later

Buying house in Alberta on a work permit - Becoming non-resident later

Old Apr 1st 2023, 4:20 am
  #1  
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Default Buying house in Alberta on a work permit - Becoming non-resident later

Hi all,

I am a UK citizen and working in Alberta on a work permit.

I intend to buy a condo here but I don't intend to live here permanently. My plan is to go back to UK in 1-2 years time. I intend to rent out my apartment then.

Is this possible? I will no longer be resident here in Alberta. Can I still hold possession of it and will I be taxed by the UK government ?

Any other things to look out for in this situation?

Thanks
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Old Apr 2nd 2023, 3:29 am
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Default Re: Buying house in Alberta on a work permit - Becoming non-resident later

Does Alberta have any restrictions on who can buy a house or condo?? In other words, does a work permit that ends in 1-2 years allow you to do that?
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Old Apr 2nd 2023, 11:09 pm
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Default Re: Buying house in Alberta on a work permit - Becoming non-resident later

Originally Posted by smfa
Hi all,

I am a UK citizen and working in Alberta on a work permit.

I intend to buy a condo here but I don't intend to live here permanently. My plan is to go back to UK in 1-2 years time. I intend to rent out my apartment then.

Is this possible? I will no longer be resident here in Alberta. Can I still hold possession of it and will I be taxed by the UK government ?

Any other things to look out for in this situation?

Thanks
A WP holder seems to be considered non Canadian in the Prohibition of Foreign Buyers which came into force this past January https://laws-lois.justice.gc.ca/eng/....2/page-1.html
If you were able to purchase a property, when ceasing residency in Canada you would be deemed to have sold it and taxed on any gain in value as a capital gain. Additionally, Canada may still consider you a resident for tax purposes, so likley pay tax in Canada, possibly get a credit in the UK for tax paid in Canada, if no tax paid in Canada, then would be taxed in full in the UK. If you were to sell said property later while living in the UK, HMRC would tax the seller as a capital gain between the difference in the value at the time of moving back to the UK to the sale price.
I would be seeking the advice of an accountant in the UK and in Canada before such an undertaking, assuming the prohibition on foreign buyers does not apply.

Last edited by Hemlock; Apr 2nd 2023 at 11:11 pm.
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Old Apr 3rd 2023, 1:03 pm
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Default Re: Buying house in Alberta on a work permit - Becoming non-resident later

Don't know if this helps your case, but saw this update to restrictions for foreign buyers (work permit holders) for the rule in Jan 2023
https://www.bcrea.bc.ca/advocacy/fed...n-regulations/
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