Selling Advice - Non-residents
Selling a property in Whistler is not complicated. With the right guidance it's a simple and straightforward process.
For non-residents, there are a few points you should be aware of when considering the sale of your property.
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Obtain a Clearance Certificate: The Federal government will holdback partial proceeds of your sale until a Clearance Certificate is issued. The current wait for a Clearance Certificate is 10 to 12 weeks so it's important to contact a lawyer or accountant as soon as an accepted offer has been received to start the paperwork. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.
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Calculating Capital Gain: You should work with a lawyer or accountant to determine the adjusted cost base to calculate capital gain. 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.
Each sale is unique so best to connect with a local professional to discuss the factors that may be involved with yours.
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