Serbinski Accounting Firms

Okay, I just talked to the CRA.

I got confused by the wording of the document. But yes, it is best to apply in advance (at least 30 days) to avoid being in arrears if the certificate of compliance doesn't arrive before the closing date.

I forgot to ask whether the purchaser or vendor is ...

I re-read that information but I can't find anything that says it's required to notify the CRA before the sale. Here's the relevant passage:

[i]When should I notify the CRA of a disposition or proposed disposition of a property?

The Non-resident vendor must notify the CRA about the disposition ...

Thanks once again.

Let me just make sure I've got this straight.

We have two options. We can file a proposed disposition at least 30 days before we sell the property, or we can file a notice of disposition no later than 10 days after the sale.

In either case, we submit an amount equal to 25% of ...

Thanks so much for your helpful reply.

A few more questions:

1) What is the tax rate applied to the capital gain? I understand that 50% of the profit is taxed as capital gain at the seller's normal marginal tax rate. If she has no other Canadian income to file, would her tax bracket be calculated ...

I forgot to add a lot of relevant information, but didn't see an option to edit. It starts to get very complex when all of it is taken together.

My wife doesn't actually own the land herself. She has three partners in a tenancy in common agreement. So, when she left Canada, should she have ...

My wife is Canadian citizen and US permanent resident. She moved to the US five years ago.

Before we met, she bought some land in a rural area of BC. We are now in the process of selling that property, and I'm trying to figure out the tax we'll have to pay in Canada.

I'm not very familiar with ...