Im thinking of selling, what are some of the costs involved?
It is a condition of a non-resident selling property in Canada that they first obtain a Clearance Certificate from Canada Customs & Revenue Agency. The current wait for a Clearance Certificate (October 2001) is approximately 10 to 12 weeks. Prior to Canada Customs & Revenue Agency issuing a Clearance Certificate they will wish to collect any tax payable with respect to the property – this will include any tax payable on the rental income from the property which has not already been remitted as well as tax on the capital gain experienced on the property and if applicable, recapture of capital cost allowance. In calculating the capital gain on the property Canada Customs & Revenue Agency allows only the following to be added to the purchase price to determine the adjusted cost base: Property Transfer Tax Legal fees and disbursements in conjunction with the purchase Furnishings and renovations included in the selling price;(receipts for the included items will be required). It is critical
It is a condition of a non-resident selling property in Canada that they first obtain a Clearance Certificate from Canada Customs & Revenue Agency. The current wait for a Clearance Certificate (October 2001) is approximately 10 to 12 weeks. Prior to Canada Customs & Revenue Agency issuing a Clearance Certificate they will wish to collect any tax payable with respect to the property – this will include any tax payable on the rental income from the property which has not already been remitted as well as tax on the capital gain experienced on the property and if applicable, recapture of capital cost allowance. In calculating the capital gain on the property Canada Customs & Revenue Agency allows only the following to be added to the purchase price to determine the adjusted cost base: Property Transfer Tax Legal fees and disbursements in conjunction with the purchase Furnishings and renovations included in the selling price;(receipts for the included items will be required). It is critical
