International Sellers

The following information is intended as a summary only - you are advised to contact your Canadian lawyer or accountant to discuss these issues in greater detail.

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 six to eight weeks. Canada Customs & Revenue Agency will collect any tax payable on the property before issuing a Clearance Certificate. This 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 their 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.

Non Resident References:

Theresa Walterhouse
Non-resident Canadian tax specialist
BDO Dunwoody Chartered Accountants
Website - www.bdowhistler.com
Chuck Piercey
Legal services for non-resident Canadians
Ratcliff & Co.
Website - www.ratcliff.com

Contact George to Assist you in Selling your Whistler Property