SELLER INFO


Taxes are to be paid on the sale of property. This amount varies between non-residents and residents of Canada. This amount is to be retained by the seller’s lawyer until a clearance certificate is received from the Canada Revenue Agency (CRA) in connection with the sale of the property. Upon payment, the CRA will issue a clearance certificate to the seller, but not until there has been a contract of purchase and sale with all subjects (conditions) removed. The wait for the certificate is usually 6-8 weeks. If the certificate is not obtained, the purchaser is required to withhold from the sale proceeds, a percentage of the selling price (usually 25-50%).


On the closing date (or before), mortgage money is transferred to the seller’s lawyer, and the property title is signed over to the purchaser.


Non-residents are required to file an income tax return, and will receive a portion of the taxes paid back.


Many countries, such as the U.S., have tax treaties with Canada that prevent you from being taxed in both Canada and your home country. It is advisable to contact a tax accountant in your country for more information.

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Below are resources to assist you in the selling process.


Resources

5 Things to Know About FSBOs

Why pay someone else to do something you can easily do yourself? You’ve been on the buying side...

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7 Ways to Naturally Freshen Up Your Home for Selling

Prepping your house to put it up on the market can be a bit of a process, but putting in the time upfront...

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Is That Your Final Offer?

A home is the biggest purchase most of us will ever make, so it’s only natural to feel a little...

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5 Sustainability Features to Look for in a Home

There are many things to consider when looking for the right home; one of those considerations should...

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4 Reasons Staging Your Home Makes a Difference

We've been told not to judge a book by its cover, but first impressions usually impact our decision-making,...

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Top 10 Real Estate Questions and Answers

A home is likely the biggest investment you’ll make in your lifetime – financially and emotionally...

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