Whistler Real Estate Buyers & Sellers
Financing Advice for Sellers
Download: Sellers Brochure (PDF)
Additional Info: real estate sellers information links
Legal and tax issues for a Non-Resident of Canada selling their property in Canada
The majority of tax-related issues relating to non-residents arise when a non-resident is selling a property.
It is a condition in Canada for a non-resident, prior to receiving the proceeds of a real estate sale in Canada, to obtain a Clearance Certificate from Canada Customs and Revenue Agency. The current wait time for a Certificate is approximately 6-8 weeks. Canada Customs & Revenue Agency will collect any tax payable on the property before issuing a Clearance Certificate.
This also includes any tax payable on the rental income from the property that has not been remitted, all capital gains tax and recapture of capital cost allowance, if applicable.
As soon as an accepted offer has been received on your property a seller should contact their accountant or lawyer concerning a Clearance Certificate.
Should the completion date of your property be prior to the issuance of the Clearance Certificate, the purchaser’s solicitor will be required to hold back between 25 and 50 per cent of the sale price until the Clearance Certificate has been issued.
The above information is intended as a summary only, please ensure that you contact your Canadian accountant or lawyer in order to discuss these issues in greater detail.
For further real estate financing information, please click on any of the following the links:
- Tax Considerations for Non-Resident Individuals Investing in Canadian Real Estate (producing Business Income) (PDF)
- Nightly Rentals – Real Estate Information (PDF)
- Tax Considerations for Non-Resident Individuals Investing in Canadian Rental Real Estate (rented nightly) (PDF)
- Services for Non-Resident Individuals Investing in Canadian Real Estate (PDF)
- Whistler Real Estate Sellers Brochure (PDF)
Financing Advice for Sellers
Download: Sellers Brochure (PDF)
Additional Info: real estate sellers information links
Legal and tax issues for a Non-Resident of Canada selling their property in Canada
The majority of tax-related issues relating to non-residents arise when a non-resident is selling a property.
It is a condition in Canada for a non-resident, prior to receiving the proceeds of a real estate sale in Canada, to obtain a Clearance Certificate from Canada Customs and Revenue Agency. The current wait time for a Certificate is approximately 6-8 weeks. Canada Customs & Revenue Agency will collect any tax payable on the property before issuing a Clearance Certificate.
This also includes any tax payable on the rental income from the property that has not been remitted, all capital gains tax and recapture of capital cost allowance, if applicable.
As soon as an accepted offer has been received on your property a seller should contact their accountant or lawyer concerning a Clearance Certificate.
Should the completion date of your property be prior to the issuance of the Clearance Certificate, the purchaser’s solicitor will be required to hold back between 25 and 50 per cent of the sale price until the Clearance Certificate has been issued.
The above information is intended as a summary only, please ensure that you contact your Canadian accountant or lawyer in order to discuss these issues in greater detail.
For further real estate financing information, please click on any of the following the links:
- Tax Considerations for Non-Resident Individuals Investing in Canadian Real Estate (producing Business Income) (PDF)
- Nightly Rentals – Real Estate Information (PDF)
- Tax Considerations for Non-Resident Individuals Investing in Canadian Rental Real Estate (rented nightly) (PDF)
- Services for Non-Resident Individuals Investing in Canadian Real Estate (PDF)
- Whistler Real Estate Sellers Brochure (PDF)