What you need to know
- Find a local realtor who specializes in the sale of Canadian recreational property.
- Find a Canadian lawyer who understands these transactions and has a US currency trust account.
- Provide two pieces of photo identification.
- Have a written agreement of purchase and sale.
- Ensure that you exclude from the sale any chattels/furniture you want to keep.
- Apply for a Canadian social insurance number online with Canada Revenue Agency.
- Post-closing, 25% of the gain in value must be held back until you file a Canadian tax return for a rebate of such tax.
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