YES! The failure to comply with the filing requirements results in 2 things:
1. failure to file the compliance form results in a daily fine
2. Without this compliance form, the buyer is required to withhold 25% of the SELLING PRICE of your house, not 25% of the presumed gain. Then you have to wait until next spring to get all this money back, by filing a return.
Departure return from Canada, forms to file with CRA and IRS
Moderator: Mark T Serbinski CA CPA