Prohibition on the Purchase of Residential Property by Non-Canadians Regulations

Marginal note:Temporary residents — prescribed conditions

5 For the purposes of paragraph 4(2)(a) of the Act, the temporary resident must satisfy one of the following conditions:

• (a) if they are enrolled in a program of authorized study at a designated learning institution, as defined in section 211.1 of the Immigration and Refugee Protection Regulations,

  • (i) they filed all required income tax returns under the Income Tax Act for each of the five taxation years preceding the year in which the purchase was made,

  • (ii) they were physically present in Canada for a minimum of 244 days in each of the five calendar years preceding the year in which the purchase was made,

  • (iii) the purchase price of the residential property does not exceed $500,000, and

  • (iv) they have not purchased more than one residential property; or

• (b) if they hold a work permit, as defined in section 2 of the Immigration and Refugee Protection Regulations, or are authorized to work in Canada under section 186 of those Regulations,

  • (i) they worked in Canada for a minimum period of three years within the four years preceding the year in which the purchase was made, if the work is full-time work as defined in subsection 73(1) of the Immigration and Refugee Protection Regulations,

  • (ii) they filed all required income tax returns under the Income Tax Act for a minimum of three of the four taxation years preceding the year in which the purchase was made, and

  • (iii) they have not purchased more than one residential property.