Posted on
February 25, 2020
by
Gurinder Dhaliwal
Posted on
January 5, 2020
by
Gurinder Dhaliwal
Posted on
May 21, 2017
by
Gurinder Dhaliwal
Posted on
March 6, 2017
by
Gurinder Dhaliwal
Real estate with honest and professional service.
Non-Resident Sales
Posted on
November 10, 2016
by
Gurinder Dhaliwal
Non-Resident Sales
When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sale.
s.116 Income Tax Act – provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Seller until the Seller provides the Buyer with evidence that they have obtained a s.116 clearance certificate from the Canada Revenue Agency.
Currently these certificates are taking up to 8 months to process, therefore, Vendors are advised to apply early, and ensure that they can clear financial charges from title without the entire purchase price prior to entering into a binding contract.
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