For Canadians relocating to the United States, understanding the nuances of Section 116 of the Income Tax Act is crucial, especially when it comes to selling property in Canada. Section 116 is primarily designed to ensure that non-residents who sell Canadian property pay the required capital gains tax, along with any other income tax obligations, before leaving the country.
A new Federal policy will allow spouses and dependent children of most foreign workers to obtain an open work permit beginning 30 January 2023.
The Canadian government has enacted two pieces of legislation in its effort to prevent foreign speculation on Canadian real estate that, it believes, significantly contributed to the inflation of housing costs (before the recent chill on prices due to interest rate hikes).
Canada is set to adjust its approach to managing the temporary resident population, initiating a strategic reduction to align the temporary resident count with broader national interests.
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