There Are Certain Legal And Tax Issues When A Non-Resident Of Canada Sells Property In Canada.  The majority of tax-related issues relating to non-residents arise when a non-resident is selling a property. Prior to receiving the proceeds of a real estate sale in Canada, it is necessary for non-residents selling property to obtain a Clearance Certificate from Canada Customs and Revenue Agency. The current wait 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; capital gains tax; and, if applicable, recapture of a capital cost allowance. Sellers should contact their accountant or lawyer concerning a Clearance Certificate as soon as an accepted offer has been received on your property. Should the completion date be prior to the issuance of the Clearance Certificate, the purchaser's solicitor will require a holdback of between 25 and 50 per cent of the sale price until the Clearance Certificate is issued. The forgoing information is intended as a summary only – ensure you contact your Canadian lawyer or accountant to discuss these issues in greater detail.
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Real Estate Contracts >Sales Contracts
The purchase or sale of a home is one of the most complicated business transactions most people will be involved in during their lifetime. Whether the print is large or small, there is a lot of it! The purchase agreement covers not only the price of the property, but has many paragraphs governing the terms under which it will be conveyed to the new owners.
When you list your home for sale or when you begin your search for a new home, ask your real estate agent for a copy of the standard sales agreement. Familiarize yourself with the document ahead of time, and make certain you understand the responsibilities of both parties between the initial meeting of the minds and the closing date. You should be aware of all of the deadlines in the purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.
You greatly increase the chances of a smooth transaction by being fully informed about the sales contract.
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What does the abbreviation PITI stand for?
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Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
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