Dear all, I'm quite confused about sale of real estate as a non resident. My understanding is that 25% of selling price must be sent to CRA within 1 month by the buyer. But I heard application for clearance certificate process will take 3 months. Then will the seller get the money back directly from CRA once the certificate is obtained?? Or the buyer usually won't send the money to CRA...? Can anyone explain this?
Appreciated
Non resident sale of real estate
Moderator: Mark T Serbinski CA CPA
When yo usubmit the clearance papers, there will be a determination of what needs to be withheld, if anything. Generally your fomer hoem will have little or no tax withheld if you comply in a timely manner.
But, in the end, any withholding would be returned as a refund at tax time. Sometimes the refund can be given earlier, Biut best focus on getting the paperwork done BEFORE.
But, in the end, any withholding would be returned as a refund at tax time. Sometimes the refund can be given earlier, Biut best focus on getting the paperwork done BEFORE.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 