Are you aware that an entity formed in Canada – but with direct or indirect ownership of three per cent or more of the value of equity or of the voting rights by a “non-Canadian” – is subject to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the "Act")? Review our recent Notice to Lawyers to learn more about the Act and the Regulations. Also don’t miss our table that provides a summary of some of the key sections of the Act and Regulations.