We Specialize in Non-Resident Purchases and Sales!
Why choose us to handle your Canadian real estate transaction? Simply put, because we’re experts at it and have the contacts to make this cross border transaction a breeze. At DH we have extensive knowledge of both sides of a Non-Resident transaction. We make the process as simple and efficient as possible for our out-of-town clients, and with our vast knowledge and expertise we can answer almost any question you may have.
Below is a breakdown of our fees and an estimate of disbursements that you can expect to pay whether you are purchasing or selling. Our fees are very competitive in Northern Ontario and we expect you will agree. Fees are listed in Canadian dollars.
Disclaimer, the actual cost of your transaction may vary based on a number of factors, and for an estimate based on your specific property please call our offices.
Non Resident Sales – Fees and Questions
Our fee for the sale: $1,500 plus HST
Disbursements on the sale: $300 – $400 plus HST.
The disposition of Canadian property by a Non-Resident vendor attracts capital gains tax and requires that Non-Resident’s file a capital gains return with our Canadian taxing authority, the Canada Revenue Agency (“CRA”). Because of this we must hold-back 25% of the sale proceeds in order to satisfy your tax obligations with the CRA.
Once the appropriate amount of tax has been paid, the CRA will issue a Certificate of Compliance or “Clearance Certificate” acknowledging that you have paid the applicable tax. When this certificate is received from the CRA, a capital gains tax return must be filed once the forms become available in February of the following year. If you made capital improvements to the property while you owned it you may be able to receive a portion of the tax paid returned to you.
We understand that this process sounds complicated and lengthy, however, not to worry we know how to complete this as timely as possible and have an accountant on hand who specializes in these filings. The cost for us undertaking to complete all of the above, including paying the accountant, is below:
Our fee for completing all tax related documents and filings: $2,000 plus HST.
In total from start to finish you can expect to pay approximately, $3,800 – $4,000 plus HST.
Non-Resident Purchases – Fees and Questions
Our fee for the purchase: $1,500 plus HST
Disbursements: $300 – $900 plus HST
The disbursements in a purchase fluctuate based on a variety of things including the location of the land/property and whether you purchase title insurance. If you have questions about title insurance, please contact our offices.
In total from start to finish you can expect to pay approximately $2,500 to $2,700 plus HST.
- If you are purchasing or selling in Canada, you need a Canadian lawyer, you can not use your lawyer from your home country.
- You must provide two pieces of photo identification.
- You do not need to be in Ontario for the closing. You can sign real estate documents where you live and email or fax them to our offices.
- You can purchase in US funds, however a notional conversion must be done for the Deed.