Non-Resident Sellers

It is best to contact your accountant as soon as you decide to list your property. Non-resident sellers must report their property sales to Revenue Canada. Revenue Canada will in turn issue a clearance certificate in exchange for an estimate of taxes owing. This certificate ensures that you have paid all your Canadian taxes before you take the money from your investment out of the country. Up to 50% of the gross sales proceeds may be held until a clearance certificate is issued. It currently may take up to 16 weeks to obtain a clearance certificate. This will be held until your Canadian Income Tax Return is filed; which must be done in the year you sell your property. Contact your local accountant for more information and professional advice.

CLICK HERE to view an Information Package for Non-Resident Sales in BC

 

 

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