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ARTICLE · 28 DECEMBER 2022

New Rules And Reporting Requirements Coming For The Real Estate Sector

Davies Ward Phillips & Vineberg LLP
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As 2022 comes to a close, we draw your attention to certain new and proposed legislation that the Canadian federal government has introduced and that will have important...

CanadaReal Estate and Construction
Marc André Gaudreau Duval
Marc André Gaudreau Duval
Olivia Khazam
Olivia Khazam
James Trougakos
James Trougakos
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As 2022 comes to a close, we draw your attention to certain new and proposed legislation that the Canadian federal government has introduced and that will have important implications for Canadian residential real estate and the Canadian real estate sector more broadly. Specifically, we offer high-level comments on (i) the prohibition on the purchase of residential property by non-Canadians, (ii) the underused housing tax and (iii) new limitations on interest deductibility that are particularly relevant to the real estate sector.

Prohibition on the Purchase of Residential Property by Non-Canadians

On June 23, 2022, Parliament adopted the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Prohibition Act).

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