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The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act Act was set to expire at the end of 2024, it will now be extended to January 1, 2027.
Bennett Jones acted for Canadian Utilities Limited, an ATCO company and its subsidiaries, in their landmark partnership agreement with the Chiniki and Goodstoney First Nations in respect of the 37-megawatt Deerfoot and 27-megawatt Barlow solar power projects, the largest solar installation in an urban centre in Western Canada.
On December 2, 2022, the Privy Council passed an Order in Council confirming regulations related to the Prohibition on the Purchase of Residential Property by Non-Canadians Act the Act. The Prohibition on the Purchase of Residential Property by Non-Canadians Regulations the Regulation was published on December 21, 2022, in the Canada Gazette. The Regulation will come into force on January 1, 2023, along with the Act.
The federal government's Underused Housing Tax Act the Act and the associated Underused Housing Tax Regulations both took effect on January 1, 2022. With the first filing and remittance deadline fast approaching, it is important for all residential property owners to consider whether the Act applies to them and what they need to do if it does.