Property Purchasers Beware!
Saturday Sep 08th, 2018Share
If you buy a property from a non-residents of Canada, you can be liable to pay HST and taxes on capital gains if you don't due your due diligence.
Because collecting taxes from someone living abroad, could be practically impossible. That’s why the Canadian tax system, frankly like any other tax systems around the world, has developed a special rule: If there is a gain from the sale of domestic real estate by a non-resident vendor, the purchaser of the property may be responsible for the capital gains tax.
How to avoid this trap, read the article, consult with your lawyer and make sure your realtor does a full due diligence.
Olesa Islamova, Real Estate Sales Representative | Realtor®