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- a temporary resident within the meaning of the Immigration and Refugee Protection Act (IRPA) who satisfies prescribed conditions;
- a protected person within the meaning of Section 95(2) of IRPA;
- an individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner, if the spouse or common law-partner is a Canadian citizen, person registered as an Indian under the Indian Act, permanent resident, temporary resident or protected person under IRPA;
- foreign states that purchase residential property for diplomatic or consular purposes; and
- a non-Canadian who becomes liable or assumes liability under an agreement of purchase and sale of the residential property before the day on which this Act comes into force, January 1, 2023.
We note that there are several key terms in the prohibition and the exemptions that will be left to regulations, which are still to be drafted. Section 8 of the Act grants the federal cabinet the power to make regulations in furtherance of the Act, on the recommendation of the minister and after consultation with the Minister of Finance. The regulations will define "control" and "purchase," as well as prescribing anything that needs to be prescribed.