The key to reaching the top in Whistler is commitment.
1557 Tynebridge Court Whistler, BC
Whistler is experiencing the perfect storm.
Low inventory & high demand mean now is the perfect time to list your home.
Information for Non-Resident Sellers of Whistler Real Estate
As a non-resident, there are specific issues you need to be aware of, as outlined below. We would advise you to obtain specialist legal and accounting advice in relation to your sale.
Non-Resident Witholding Tax
As a non-resident selling Canadian real estate, you will be required to remit capital gains tax. In general, this liability amounts to approximately 25% of your capital gain. Your gain is equal to the sale price minus your Adjusted Cost Base (ACB). Your lawyer is required to initially hold back 25% of the total sale proceeds while filing a Clearance Certificate (see below) on your behalf. Once the certificate is received, processed and approved, your lawyer will release the remainder of funds owing to you (the difference between 25% of the total sale proceeds and 25% of your capital gain). Your lawyer will coordinate with an accountant regarding this filing and the costs are typically around $1000 to $1500 plus HST and disbursements.
It is a condition for a non-resident who is selling real estate in Canada to obtain a Clearance Certificate from the Canada Revenue Agency (CRA). Prior to the Canada Revenue Agency issuing a Clearance Certificate they will want to collect any tax payable with respect to your property purchase and sale. 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.
Delays in obtaining Clearance Certificates are often lengthy (up to 8 weeks). A seller should contact their lawyer or accountant to request a Clearance Certificate as soon as an offer to purchase the property has been accepted. If a sale completes before the Clearance Certificate is issued, a percentage of the selling price ranging from 25% to 50% will have to be held back from the seller’s proceeds until a Clearance Certificate is issued.
Hannah Garcia is a top-selling Whistler Realtor who considers it a sacred duty to zealously represent her client’s interests (a guiding principle she devoted herself to while studying law). If you would like to work in close collaboration with a hands-on advocate who is known for her intimate local knowledge, cooperative negotiation style, and unwavering commitment, perhaps you should contact firstname.lastname@example.org
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After graduating from Law School, Hannah returned to Whistler, one of her childhood homes, to raise her own family and embark on a real estate career. Since then she has built an impressive sales record (consistently ranking among Whistler’s top agents), and, earned an enviable reputation for getting results. Hannah believes passionately that one of the keys to her success has been her collaborative, open approach to negotiations. VIEW ALL HANNAH'S PROPERTIES
Personal Real Estate Corporation
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