Rental income during PR application process

[crabbit]

Howdy folks. My PR application is in progress after receiving provincial nomination from the province of BC. I'm here on a closed work permit while I wait. What I was wondering is if I am allowed to buy a property with the intention of renting it out? Is it seen as employment or income that is permitted under the scope of my closed work permit?

 

[canuck78]

Howdy folks. My PR application is in progress after receiving provincial nomination from the province of BC. I'm here on a closed work permit while I wait. What I was wondering is if I am allowed to buy a property with the intention of renting it out? Is it seen as employment or income that is permitted under the scope of my closed work permit?

Yes you can buy. Depending on where you are buying you would have to pay the FN premium.

 

[crabbit]

Yes you can buy. Depending on where you are buying you would have to pay the FN premium.

Thanks 'bud'. I'm way out in Cranbrook in the Kootenays which is not subject to the foreign buyer tax. I was aware that I can buy, but can I rent out the property for an income while on a closed work permit?

 

[canuck78]

Thanks 'bud'. I'm way out in Cranbrook in the Kootenays which is not subject to the foreign buyer tax. I was aware that I can buy, but can I rent out the property for an income while on a closed work permit?

Yes as long as you declare the rental income. Not a bud.

 

[crabbit]

Yes as long as you declare the rental income. Not a bud.

Thanks for the help, much appreciated.