WHAT HAPPENS WHEN A NON-RESIDENT SELLS REAL ESTATE IN CANADA?
- Whenever a non-resident sells Canadian real estate, the non-resident is required to pay the appropriate amount of taxes on any gain.
- This certificate may be applied for in advance of the completion date by the vendor, but not until there has been a contract of purchase and sale with all subjects removed. The wait for the certificate is usually 6-8 weeks. If the certifcate is not obtained, the purchaser is required to hold back from the sale proceeds a percentage of the selling price (usually 25% -50%)
The above information is not legal or intended to be legal advice