 Hello and welcome back to my YouTube channel. This is Shireen and today I'm going to talk to you about a new law in Canada Which is being implemented from 1st January 2023 and why I'm going to talk about it is by the end You will realize by the end of this video You will realize that why I'm talking about this law this law is very important in terms of for if you are thinking of Immigrating to Canada if you are already in Canada If you are on any other status except Canadian citizen or permanent residency and thinking of buying a residential property This core of this law is Basically been introduced to protect the interest and the bubble that you know has been in Canada about the housing and the housing of the local Canadian citizens and PR holders and especially the Canadian housing problem that was going on because of the high bubble now property in Canada is I'm sure all of you know has been booming in the past two years since Covid and it has since then not gone down the interest rates had been on a hike there have been so many interest hikes throughout the year Which is beyond the expectation of a normal person. So today I'm going to talk about this law Which is the prohibition on the purchase of residential property by non Canadians So I'm very briefly going to touch about the law what the key elements of it is Why is it being implemented? I've already told you what are the exemptions and what are the specific definitions? Now definitions in the sense are very important for you to understand the law if you want more details about it And if you want me to talk about it, you can follow me on the Insta channel And I can go live about it and we can discuss all your question very concerns there so Firstly you need to understand that the law is only coming for a period of two years till now It has been passed through a royal, you know a special procedure in which is only implemented for two years in two years They fail that the bubble is going to come down and the Canadian property is going to be really affordable for Canadians So that is a whole problem under which it is evolving till July and August 2022 the government before implementing the law was taking comments from all these stakeholders and all these stakeholders One of the common point the immigration key which is say if a non-resident buying property key with a say Could China might get property key drug in India might get property key drug key with a say Canadians the affordability come over here. So now I'm going to tell you who non-resident as per the law is First a non-resident is any person who is not a Canadian citizen or a permanent resident first definition second the person is Has incorporated a Canadian company, but the control is with the person who's outside that company is also non-resident Third a company not incorporated under the laws of Canada. So you three three major covering them and It is also it It also has a special Consultation paper attached to it. This means key or three elaborated definitions. Now. I'm going to secondly tell you What are residential properties? Residential properties any property that is, you know, you know, they're next square meter key limit the key. Just me Metropolitan area. Oh, well areas key residential property. You have a hundred thousand fifty thousand say uppercase look at that So for example, if you have if the area is the Say for example, Toronto Toronto obviously has a population of seven hundred thousand plus people So now that populate that area is coming under this definition So the laws apply the law applies to that particular place or metropolitan area. Same is Burlington, Oakville Vancouver, you know throughout the congested areas So the the law is very much applicable to wherever you are thinking of immigrating unless you are not going to a place where you know There is no no population Population any pop any province or any city population above fifty thousand is under the radar This third the very important thing that I was going to tell you is about the residential property and I will define it for you Residential property as per the law has been a detached house which has no more than three dwellings So for example, it this is one of the criteria one house has a grandma house which has also got a main house and You know, very usually some people like to keep their guests or anybody and then there is also a garage with the separate Three dwellings which are residential which is very much You know, you can find it in the GTA area this kind of property This is a detached property and this is very much there. So yeah, we cover up the second definition is a part of a building That is for example a semi detached semi detached houses are in key one wall is shared by another So they are like one wall is shared by the other Next neighborhood the third is the condominium if you have a unit in the condominium and remember the area is the Metropolitan area the limit that I told you and any other property that comes up in that special regulation That's supporting regulation that is attached with it any other property that comes under it So now very important part of the law not that the law is blanketly applied to everybody There is very important exemption part of the law, which is also in their consultation paper Which is attached to the law the first is a temporary resident now You need to understand the definition of temporary resident as per the IRPA act, which is the immigration refugee protection act So that act has defined temporary resident any person who's coming to Canada like a visitor a worker or a Study permit holder so obviously this law does not apply this law does apply to visitors and visitors cannot But when it comes to study permit holders, there is again a detailed Discussion about that wherein they have said that okay study permit holders for example need to cannot buy more than 500,000 K of a house and they cannot be less than five years old in Canada So that five years of establishment in Canada Joe, and if I was going to go down in Canada They have to establish that through papers through documentation and then become eligible to apply So obviously earlier what was happening is that students across the globe were coming to Canada and they were bringing Bad money from back home and they were just buying houses like it's a piece of cake So that affected the whole a system the whole you know the whole Biosphere of the properties and the ecosystem of the real estate in Canada and that is why they have made certain Exceptions and those exceptions are obviously not inclusive of everything So we can go and discuss more in details if you have any question query concern You can follow me on my social media handle and I do go live a lot of times Where in I discuss such topics The second is for example a temporary resident can also be a work permit for a work permit I can just give you a brief maybe because I know that information so I can just share it with my audience is that a Work permit holder needs to show three years of income in Canada and that is also not like a break if a break There should know don't be any gaps in the income There has to be some consistency which we can talk how documentation can be helped Then the second thing is a refugee for example, you know Canada is a very welcoming country for refugee crisis across the globe We have had the Ukrainians. We have helped the Afghanis. We have helped Syrians We have helped people from all sorts of persecution and we welcome them to Canada And I personally think that Canada is a very welcoming country So refugees who have turned into PR refugees who are waiting and have done some hard work There are people who have been in Canada as refugee status holders since nine to ten years and still waiting for their For the day of the for the day their fate will be decided, right? But there are so many refugees which have become protected persons under the convention of UN and they are also eligible to buy The property and they will not be considered as non-Canadians The third exception is an individual who buys a property with his or her spouse And that spouse is a Canadian citizen or a permanent resident. So for example One one person is in Canada and he or she is a permanent resident and these The spouse is outside Canada or is inside Canada, but is a non resident That person is also allowed to and coming falling under the exemption category and can buy the property with his or her spouse Because in Canada, you know, there are tenancy in common and there is the other joint tenancy So there is there are two types of ownership you can have in Canada of a property Usually spouses are always included and hence the exemption also applies to them. So having said all of this I have given you a bird eye view of the whole cases of the whole law and the law is effective since January 1st 2023 for two years. So make sure that whatever immigration decision and why as an immigration lawyer I am very close to this topic is because I know people, you know, I talk to people People are my clients and they when they when when I talk to them I know that one of the major plans they have is of buying a house buying a property So it's very important that we discuss such important issues also, which are not just Parallel but which are also ancillary and very prime importance to our immigration You know through your immigration journey and to our immigration clients So stay tuned for more such content and as I said that my YouTube channel is now going to be more active With more updated information and with obviously a personal connection that I've always had with my with my audience And with some authentic legal information related to so many things that is does you can check the link in the description box We have now a real estate practice in Dubai Where in in UAE in fact wherein we help people Achieve some investments and golden visas and you know get the ROEs or the ROIs to that investment We also help in asset management now. We help with tax planning and so Citizenship by investment programs. So there are so many things that ACE is now doing and we will discuss in details and further more blogs Thank you and stay tuned