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Unique 2 bdrm executive suite in Whistler's finest resort property. This suite offers a private location w/beautiful mountain views and all the fine amenities Four...
| Selling Advice - Non-residents
Whistler is the number one resort in North America, and as such, a good percentage of property owners are non-residents.
Selling a home in Whistler is not a complicated process. For non-residents, there are a few points you should be aware of when considering the sale of your Whistler property. We can streamline the process for you so that it is a simple, easy and straightforward process.
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Obtain a Clearance Certificate: You will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The current wait for a Clearance Certificate is 6 to 8 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.
- Calculating Capital Gain: To determine the adjusted cost base in order to calculate capital gain, Revenue Canada allows the following:
- Property Transfer Tax
- Legal fees and disbursements associated with the purchase
- Furnishings and renovations included in the selling price
- GST
- A portion of the interest on mortgage payments
Revenue Canada does not allow any deductions from the selling price in determining the gain, and the rate of the Capital Gain Tax is 33.33% of the gain. However, by filing a Canadian tax return with Revenue Canada after the sale, some of the tax paid may be recovered.
We deal frequently with non-resident vendors and are equipped to facilitate the process for you. Contact us if you have any questions regarding foreign ownership sales. |
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