The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "Act"), in force January 1, 2023, prohibits the purchase of residential property by non-Canadians. Every non-Canadian who contravenes this prohibition and every person or entity that counsels, aids or attempts to counsel or aid a non-Canadian to purchase, directly or indirectly, any residential property is guilty of an offence and liable on summary conviction to a fine of not more than $10,000 (see section 6). Note that a charge or fine is not covered under your LIF policy. It appears that this prohibition will be in effect for two years, subject to any amendments. Learn more here.