Losing PR , what will happen to my property?

[jayvan]

Hi guys,

Currently i'm a PR and hold a property in Vancouver bc, I was wondering what will happen to the property if i lose my PR. Let's just say i got a great job offer from U.S and i decide
to reside there for more than 3 years and that will result in losing my pr.

However, what will happen to my property? Will there be any tax implication or extra payment i had to do? Will it still be under my name? Do i need to sell it within 3 years?


Cheers.

 

[canuck78]

Hi guys,

Currently i'm a PR and hold a property in Vancouver bc, I was wondering what will happen to the property if i lose my PR. Let's just say i got a great job offer from U.S and i decide
to reside there for more than 3 years and that will result in losing my pr.

However, what will happen to my property? Will there be any tax implication or extra payment i had to do? Will it still be under my name? Do i need to sell it within 3 years?


Cheers.
[/QUOTE

You don't automatically lose your PR status if you spend 3 years abroad. If you do get reported and lose your PR or renounce your PR you can still own property as a FN.

 

[steaky]

You might want to look at speculation and vacancy tax in BC

https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

 

[sgniceman]

Sell it now as when you loose your PR status then you are subject to some taxes as above mentioned. Also as you are going not to live and maintain your PR, your lawyer will have to hold temporary tax until you have clear all taxes and obtain tax clearance certificate from CRA.