Metrotown Non-resident Program
Purchasing or Renting Your Property in Metrotown While staying Abroad
If you’re planning to immigrate or return to Vancouver in the future…
It is always wise to plan ahead. Purchasing a new home earlier before your relocation could be one of your options. We can also help you to rent it out until you come here.
Although you might be on the other side of the world, we can help you find property, check in on your property, tape a video for your review, coordinate property inspection, home insurance, …. Most of all, we’ll give you the peace of mind to stay comfortably abroad,
Always consult your accountant and lawyer to understand the detailed procedure involved, and how it applies to your case.
Social Insurance Number (SIN)
Firstly, you need either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). Social Insurance Numbers are granted to residents/citizens of Canada through application and allow you to invest or work in Canada – including owning a property. Alternatively, those who are not eligible for a Canadian SIN apply for Individual Tax Numbers.
Your agent will need your SIN number before he can represent you for purchasing or renting your property
Non-residents who collect rental income are required to pay the government 25% of the income to CRA as a withholding tax. Your Property Manager will arrange it on a monthly basis, by deducting from the gross monthly rent collected.
In addition, the Property manager will have a complete monthly & annual statement produced for you and your accountant for filing your annual tax return to CRA.
What about Home-Insurance …
Anyone owns a property for a long period of time may need Home-Owner Insurance, which can offer the necessary protections.
If you don’t have any insurance agent, we can always refer you one.
License to Rent …
If your residential property is located in the city of Vancouver, and if you rent it for 30 days or more at a time, you need a rental property business licence.
As your Property Manager, we can help you to arrange for applying for a business license from City of Vancouver, and renew it annually, if you decide to continue the rental.
e-Sign Your Contract Remotely
We fully understand most non-residents are living abroad, they may not be able to visit Vancouver to sign all the necessary document.
No worry, thanks to the technology which allows you to review and sign all the document and contract electronically. An electronic signature can always save you time and costs. More importantly, the e-signature that we adopted is fully endorsed by RECBC (Real Estate Council, BC).
That means, you may e-sign a contract remotely through us, it will be a legal-binding document in the real estate context, and is no different from signing it in person with ink.