About Expired PR card and ownership of properties

[peterlzs]

Hi guys,im here looking for some answers and hope u can help me out with this!

A friend of mine and her family moved to Canada back in 2008. They all got PR card back then and she had managed to get herself the citizenship.Meanwhile,her parents got stuck at work and family issue back home and couldn't make the time of staying in Canada thus they are going to lose their PR card soon.Her question is,when her parents lose their PR card,what should they do with the house and the car under her parents name,should they move it under her name or whats the best thing to do here?

English is not my first language,thx for reading through this ,it will be truely appreciated if anyone can shed any light on the matter,thx alot!

 

[Bs65]

Others can comment but first PR status never expires only PR cards expire. PR status can only be renounced or revoked, the latter would only happen if having failed residency obligation the card holder either applies for a travel document or tries entering Canada via US border.

This is only my understanding but not aware of any restrictions that say someone who is not a PR cannot own property in Canada, it is not popular with some people in some provinces but not illegal . As for transferring ownership think might need to consult a lawyer or a financial advisor as to whether there are any tax implications resulting from any transfer of an asset such as a house likely there are but I do not know.

 

[PMM]

Hi

Others can comment but first PR status never expires only PR cards expire. PR status can only be renounced or revoked, the latter would only happen if having failed residency obligation the card holder either applies for a travel document or tries entering Canada via US border.

This is only my understanding but not aware of any restrictions that say someone who is not a PR cannot own property in Canada, it is not popular with some people in some provinces but not illegal . As for transferring ownership think might need to consult a lawyer or a financial advisor as to whether there are any tax implications resulting from any transfer of an asset such as a house likely there are but I do not know.

1. The selling or transferring the property from a Non residence holder, is complicated. There is usually a 25% withholding tax on the sale. As the N/Rs have not lived in the home, it is no longer their principal residence, so there maybe a capital gain. Start the reading here: http://tinyurl.com/yb9lgu93

 

[canuck78]

Yes not as simple as changing a name on a paper. There are tax implications, land transfer fees, etc. If the car is paid for that is much easier. At this point if the daughter has been the primary driver the insurance should be in her name already