Own Property in Canada, but don't live there?please enter this thread for important information.

I'm not an accountant, so be sure to contact one for the most up to date information. 

Just a heads up..

If you own property in Canada, are not Canadian, or a permanent resident you may want to read this. You may have to file taxes with the Canadian Government, even if you don't owe anything. There is a new law meant to free up vacant housing that came into being last year. 

​​​​I linked an article regarding this and it should help you determine if the rules apply to you. 

They may not. If they do make sure you file by April 30th. The penalty for not declaring that your property is subject to these rules is apparently $5000.00. 

Again I am not an accountant or real estate lawyer so you may want to talk to one just to ensure you have your bases covered. 

https://cottagelife.com/general/2023-federal-and-provincial-legislation-that-cottagers-should-pay-attention-to/

They are really frustrated with offshore investors/speculators buying up properties and then just sitting on them, I wasn't aware that the Giant Gears of Legislation had clanked into place and begun to do something about it...