Friday, November 7, 2014

Section 116 Sale by Non Resident

Anyone can purchase real estate in [Toronto] Canada  and we do welcome foreign investment.   When you sell however there is a with holding tax of 25 % of the sale price of the asset [condo] that you sell.

The sale of Canadian Real estate by a NON resident of Canada.
In order to complete the sale of real estate in Canada, a non resident of Canada, you must obtain from the
government of Canada, a Section 116 Release before you can close the house or condo sale transaction.
The Buyers Lawyer will demand this certificate.
If you do not have this certificate at closing, you will have to hold back in cash, 25% of the selling price,
until the Certificate is obtained.
If you have Questions
please Call me

Stanley Gelman
Real Estate Lawyer Mississauga
905 270 5110

We value and welcome you dollars but be informed when you are flipping and selling.

I welcome you contacting me to purchase or sell condo's in Toronto