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What is the difference between the Chinese people in Canada to buy a house and the local people?

Datetime:2016/12/5 Source:ehouse411.com Author:HelenEditor:Helen

in recent years, the Canadian study, the number of immigrants continue to increase, the Chinese investment in Canada, from the housing demand continues to rise. So, as Canada's "foreigner", holding a Chinese passport, you need to pay attention to what you buy a house in Canada? What is the difference between permanent residents of Canada and Canada? Small series of Chinese buyers are most concerned about the four issues, an interview with the Chinese and Canadian Real Estate Law Liu Yan lawyer.

Yan lawyer firm director Yan Liu

(a)   Chinese in Canada to buy a house, on taxes and Canadian residents what is the difference?

difference mainly depends on the value added tax of foreign buyers in real time. Previously holding a Chinese passport, foreign buyers in Canada, the sale of housing in Canada, you can make good use of the Canadian family property trust system to apply for exemption from residential property value added tax. But in October 17, 2016, after the new federal legislation, to China passport foreign buyers in the sale of Canadian residential property, the need for value-added taxes of up to 25% property value added tax. For example, you buy a house 1 million, when the real price is 1 million 400 thousand, the value of the 25% part of the 400 thousand is the need to pay VAT 100 thousand. Local tax residents sold since the living space is not part of the value of tax payment of property.

(two)   Chinese people in addition to buy a house, want to transfer to their parents or children, what procedures, how to avoid tax?

according to Canadian law, between parents and children, between husband and wife, as well as between the family trust and the establishment of the mutual transfer between the beneficiary and the beneficiary, the dollar can be a symbol of the real estate property. Required relevant conditions:

(1)         no loan or loan has been paid off: symbolic 1 Canadian dollars, the transfer of real estate land transfer tax is to be exempted.

(2)         loans not paid off: the part of the loan to be repaid in accordance with the provisions of the Canadian tax law to pay part of the land transfer tax.

so in reality, most of the gifts are carried out without a loan.

(three)   China students age is more and more small, the study of the time, parents often began to consider to buy a house, but some parents work or other reasons inconvenience often between Canada, whether minors can be for parents to buy a house?

from the legal terms, the 18 year old minors are not able to purchase in Canada in their own name. Need to use their guardian, in the name of the parents of the purchase of Canadian Real estate. If parents do not come to Canada for convenient purchase legal matters, may entrust a lawyer Canada authorization (Power of Attorney, referred to as POA), you can let other adult children or any relatives in Canada instead of their own for the purchase and management of subsequent legal matters.

suggested that parents should at least once, facilitate the selection of favorite Canada housing, Canada also entrusted lawyer to relevant legal documents prepared in advance, bank loans are one-time handling properly, other operating procedures can be entrusted to the resident of Canada's fiduciary agent for their children to handle.

(four)   China basically does not need a lawyer to buy a house, why the sale of housing must hire a lawyer?

Canada to buy commercial or residential, are considered to be a large transaction, with a high legal risk. According to Canadian law, the sale of the house must be hired by the parties to their own rights and interests of Canadian lawyers, because buyers and sellers are in conflict with the interests of the cube. The lawyer's duty, including the determination of both the real intention, to ensure that customers buy the underlying property is clear, whether the seller has to pay before the transfer of all tax and mortgage debt before the date of transfer, all kinds of legal acts related to housing transactions occurred, all require lawyers involved. In addition, the Canadian lawyer, both Chinese notary public some of the functions and duties, this point and China's legal practice is a big difference between. To provide customers with China bilateral cross-border professional legal services lawyer Yan

home. Has the double legal license in China and Canada, in Beijing, Shanghai, Shenzhen Chinese, Canada Toronto, Markham, Mississauga city with branch offices. Yan lawyer team members understand Chinese and Canada related legal culture background, a variety of laws on the Canadian real estate, family law, company law, intellectual property, immigration law, Chinese in-depth understanding of customer needs, fast and efficient, is Chinese intimate.

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