Property Capital Gains for non resident.
Oct 30th 2001, 7:09 am
#1
Guest
Posts: n/a
Maybe a little off topic, but does anyone know if a non-resident buys a property and
then subsequently sells it at a profit, is there any Canadian tax owing?
Regards Terry
terryb at the software forge dot com
then subsequently sells it at a profit, is there any Canadian tax owing?
Regards Terry
terryb at the software forge dot com
Oct 30th 2001, 7:51 am
#2
Guest
Posts: n/a
Key factor is whether it is your primary residence. If it is not, you will be liable
for capital gains tax in Canada and in the UK on the sale.
There is some flexibility on definition of primary residence. If you plan to emigrate
in the near future, and buy your house in Canada whilst still non-resident, then the
subsequent sale can still qualify as exempt due to being your primary residence
provided you move in within a certain time (I think about 1 year).
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for capital gains tax in Canada and in the UK on the sale.
There is some flexibility on definition of primary residence. If you plan to emigrate
in the near future, and buy your house in Canada whilst still non-resident, then the
subsequent sale can still qualify as exempt due to being your primary residence
provided you move in within a certain time (I think about 1 year).
>
>
>
>
>
>
>
>
>
>
-----= Posted via Newsfeeds.Com, Uncensored Usenet News =-----
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