What is the cost of living in Newfoundland?

The cost of living in Newfoundland is relatively inexpensive by US and European standards. While most major North American retail chains are represented, a liter of milk, a loaf of bread and a dozen eggs would cost only CDN$4.00.  The cost of a liter of gasoline is about CND$1.09, a quality three course dinner would cost approximately CDN$50.00. 

What language is spoken in Newfoundland?

The predominant and official language of Newfoundland is English, although you will find many varieties and dialects spoken in the Province. There is also a small, indigenous French population. 

As a non-resident, can I buy real estate in Newfoundland?

There is no restriction on a non-resident’s ability to purchase real estate in Newfoundland. 

If I choose to live in Newfoundland can I work there?

Barring permanent resident application, as a non-national you could only work within Canada with requisite work visa. These can be obtained through the Federal Government of Canada if it can be demonstrated generally that you have job skills not available locally or you have a standing offer of employment which cannot be satisfied locally.

Do I have to make a will in Newfoundland?

No, a will is not required; however, should you choose not to make a will any property you own in Newfoundland and Labrador may be distributed pursuant to the terms of the Intestate Succession Act which provide for distribution of property for persons dying intestate. Depending upon the jurisdiction in which you reside, it is possible that a valid will registered there may also be sufficient to cover disposition of Newfoundland situated assets.

Can I apply for permanent residence?

Yes you can. The quickest and easiest method for application for permanent resident status is through the Newfoundland Provincial Nominee Program. Under this Program you have to file with the Government of Newfoundland and Labrador a commitment to either purchase or commence a business in which you will be involved in the day to day management. On the basis of this commitment, the Government of Newfoundland and Labrador will, if you are otherwise eligible, nominate you for permanent resident status in Canada. Pursuant to the Agreement between the Province of Newfoundland and Labrador and the Government of Canada, once Newfoundland has made this selection or nomination, the Federal Government is only to conduct background checks for security and medical issues. Assuming everything is in order, a visa can be obtained within 12 to 24 months of initial application with the Province of Newfoundland and Labrador as timing varies from embassy to embassy. If you require more information on the Newfoundland Provincial Nominee Program, we will be more than happy to provide same.

What property duties and other costs are involved with the purchase of Real Estate in Newfoundland?

There will be some minor registration costs on the purchase but these are not significant. Registration costs for deeds of conveyance and mortgage documents are assessed at 4¢ per $1,000.00 plus $51.00.

Is VAT payable on property and if so at what rate?

Newfoundland’s version of VAT is HST or Harmonized Sales Tax. The HST is charged at a rate of 14% of the purchase price. In certain circumstances, the HST can be returned to the purchaser in the form of an Input Tax Credit.  We suggest that you speak with an accountant familiar with Newfoundland and Canadian Tax laws if you wish to apply for any rebates. 

Is Capital gains tax payable on selling the property?

When a non-resident sells Canadian real estate, he/she is required to pay the appropriate amount of taxes on any capital gain. The normal Canadian tax rates will be applied to 50% of the gain. However, a non-resident is required to pay an estimate of the tax before the sale, an amount equal to 25% of the gain. This amount is to be retained by the seller's lawyer until such time as a clearance certificate is received from the Canada Revenue Agency (CRA) in connection with the sale of the property. Upon payment, the CRA will issue a clearance certificate to the seller, but not until there has been a contract of purchase and sale with all subjects (conditions) removed. The wait for the certificate is usually 6-8 weeks. If the certificate is not obtained, the purchaser is required to withhold from the sale proceeds, a percentage of the selling price (usually 25-50%).

For more information on Canadian/Newfoundland taxes (including, income tax, capital gains tax, and/or the Harmonized Sales Tax), please visit http://www.cra-arc.gc.ca/. 

Are there any Estate Duties in Newfoundland?

At present, there are no estate duties.

Is there an Annual Property Tax?

Yes, there will be property tax on the property which will be payable to the Town of Steady Brook. This tax is part of a province wide property tax system that is based upon the assessed value of your property as determined by a provincial government property assessor. Assessments are normally lower than the market value of the property. Annual property taxes cover the cost of the water & sewer system, road maintenance, snow clearing, garbage collection and other municipal services. 

For further information, visit http://www.steadybrook.com/taxrate.html

What amount or rate of stamp duty is payable in Newfoundland?

No such tax exists in Newfoundland.

What Income taxes are applicable to individuals?

There are Federal and Provincial income taxes payable on income earned in Canada. Both are calculated and paid together in one tax return. Taxes are payable on any income earned in Canada. If you are part of a resort’s rental pool and earned income from this arrangement, this income would have to be reported and taxes paid on the return. The rate of tax is based on the residency of the individual and if there is a tax treaty with that country. Any Canadian taxes paid may help reduce the taxes due in the individual's country of residence should a tax treaty exist with that country.

For more information on Canadian/Newfoundland taxes (including, income tax, capital gains tax, and/or the Harmonized Sales Tax), please visit http://www.cra-arc.gc.ca/. 

What is the Real Estate Process in Canada?

"It’s important to know that from the outset the entire process surrounding the buying and selling of real estate in Canada is a regulated process.  This means the process should follow the basic format as described below and that you will be protected throughout by the rules governing the process and the actions of those involved in it. "  For additional information, visit http://www.shelteroffshore.com/index.php/property/more/buying_process_canada/ 

Purchasers are encouraged to use a lawyer.  The following list is available for your reference:

Will I need a survey?

Yes, and we will supply the current and valid survey we have in our possession along with a real property report (an illustration and written statement showing the building location in the lot and any easements, encroachments, or encumbrances know to the property) and a condominium declaration (a document detailing the description of you condominium unit, common areas, and the rules and regulations of the association).   These documents are included in the build price quoted. 

Can I apply for the HST/GST New Home Rebate?

Yes.  Additional information can be found on the Revenue Canada Agency web site at http://www.cra-arc.gc.ca/tax/individuals/topics/gst-hst-rebate/buy_home-e.html.  Our Purchase and Sale agreement states that the rebate is assigned to the developer - the value of the rebate is credited to the purchase price. 

Please consult with a professional on your eligibility to receive the rebate.   

Where are the nearby shopping facilities?

The town of Steady Brook, the city of Corner Brook, and town of Deer Lake has many convenient mini-malls, strip malls, an industrial park, convenience stores, grocery stores, etc.  Too many to mention here.  View each municipality's web site for more detail:

What type of Heating System is available to the neighbourhood?

All condominium units are heated by electric heat. 

Is there access to the river for recreational use for example:  boating?

Access to the river is from the backyard - you may launch a small boat from the lot.  There is a town wharf for larger boats. 

Is the property in a flood zone?

No, the property is not in a flood zone.  See a copy of the Flood Risk Map from the Government of Newfoundland web site. 

In what currency are payments made?

Canadian dollars, but they can be made in your home currency provided that it is converted to Canadian funds on the date monies are paid and that after conversion funds are sufficient to pay the purchase price.

http://www.debit-direct.com

Can I get financing for the purchase of a property?

Up to 65% financing is available for non-Canadian citizens (95% for citizens) through major chartered banks. 

What are the payment terms for purchasing a condominium?

Are there any floor plans I can choose from?

In a 9 unit building units are either mountain view or river view and are mirror image floor plans.  However, there is one wheelchair accessible floor plan (#4) and one unit (#9) located on the lower level that have different floor plans.  Prior to construction starting, we can discuss changes to your unit to accommodate you.

Can I buy more than one condominium?

Yes.

What construction guarantees are available?

Each home is warranted according to the provisions of the Canadian government sponsored Atlantic Home Warranty. Any defects in the first year are repaired and the structure of the house is covered for seven (7) years.  For more details on this program, visit http://www.ahwp.org/

Will there be heating and air-conditioning systems?

These insulated houses do not require air conditioning, however, it is available as an option if desired by the purchaser.  Heating is in the form of electric baseboard heaters and fireplace.

Are there any legal safeguards for foreign investors?

Foreign investors receive the same safeguards under the law as any Canadian citizen.

Can I resell my property?

Yes you can.

Who supplies the water and what does it cost?

The Town of Steady Brook water supply is among the best and safest supplies of municipal drinking water in the world. The cost of water is included in your property tax bill - there is no additional fees.

Is the water drinkable?

Yes, and it tastes good too.

Who supplies the electricity and what does it cost?

Electricity is supplied by Newfoundland Power. Hydroelectric costs in Canada are low by western standards given the abundance of hydro produced in Canada.  See http://www.newfoundlandpower.com/ for more information. 

What does telephone services cost and how long does it take?

The cost of installation of a phone line is approximately $70.00 CAD, while basic service costs approximately $30.00 CAD per month. Installation can be completed within 10 days of ordering telephone service.  Discount long distance phone packages are available.  See http://www.aliant.ca for more details. 

Are the streets lit at night?

Yes

Will all contract documents be in English?

Yes. At the purchaser’s option documents can be translated into his or her native tongue but in case of discrepancy the English version will prevail.

What activities and tourists attractions are available in the area?

See a partial list at http://www.marblemountaincondominiums.com/amenities.htm

How close are the nearest medical practices?

There is a medical clinic just 10 minutes drive from the Marble Mountain Condominiums in the City of Corner Brook. These facilities offer a full array of health care services that adhere to the Canadian standards.  For additional information, see:

Where is the nearest pharmacy?

There are many pharmacies in the city of Corner Brook with full time pharmacists.

How much does an annual salmon fishing license cost?

An annual salmon license costs $80.00 CDN per person per year or $117.00 CDN per family per year. It should be noted that non-residents must be accompanied by a licensed guide or a direct relative who is a resident of the Province while salmon fishing. The cost of a guide is approximately $120 CAD per day.

When is the salmon fishing season?

The salmon fishing season runs from June 1st to October 1st. Anglers may start fishing one (1) hour prior to civil sunrise and must finish fishing one (1) hour after sunset.

How many licensed salmon rivers are there in Newfoundland?

There are 177 licensed salmon rivers in Newfoundland.  For more information see http://www.eurekaoutdoors.nf.ca/humberriver.htm

Is there a building permit required and what are the zoning regulations for the area?

The property is zoned commercial-tourism and, as such, is designated for the use we have intended. 

What services are available to the area?

The Town of Deer Lake offers the following services to it's Citizens:

See the town of Steady Brook Web Site for more details

What is the weather like in Western Newfoundland

Summers are warm and pleasant and excellent for all outdoor activities.  The winters cold and crisp with plenty of snow cover for skiing and snowmobiling.  Visit either Environment Canada or The Weather Network web sites for today's weather and seasonal forecasts. 

Where is the nearest airport?

The Deer Lake Airport is just 5 minutes from the town.  Information about the airport can be found from their Web Site. 

General Information: info@marblemountaincondominiums.com
Sales: sales@ksab.ca
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