With Dino’s unique approach to marketing homes it is not uncommon that his listings sell for top dollar. He truly believes in providing the highest exposure for his clients and the screening of qualified buyers prior to viewing listings. The presentations of Dino’s listings are second to none. His ability to negotiate offers has been fine-tuned to the highest level and is unmatched by most of his competitors. Years of experience and training have given Dino a true understanding of the market.

Dino has earned a wealth of professional expertise and knowledge. He has developed sophisticated systems with extensive resources and fine-tunes skills. He has a complete understanding of the marketing and sale of subdivisions, town home projects, large parcels of land for corporate clients and residential homes that include some of the Okanagan’s finest luxury homes.

Selling Property in Canada

When a non-resident sells Canadian real estate, he/she is required to pay the appropriate amount of taxes on any capital gain. The normal Canadian tax rates will be applied to 50% of the gain. However, a non-resident is required to pay an estimate of the tax before the sale, an amount equal to 25% of the gain. This amount is to be retained by the seller’s lawyer until such time as a clearance certificate is received from the Canada Revenue Agency (CRA) in connection with the sale of the property. Upon payment, the CRA will issue a clearance certificate to the seller, but not until there has been a contract of purchase and sale with all subjects (conditions) removed. The wait for the certificate is usually 6-8 weeks. If the certificate is not obtained, the purchaser is required to withhold from the sale proceeds, a percentage of the selling price (usually 25-50%).

On or before the closing date, the mortgage money is transferred to the seller’s lawyer and then to the seller and the title is transferred to the buyer’s name.

The non-resident seller should file a Canadian income tax return for the year in which the sale occurs and should expect to receive a refund of a portion of the taxes paid. The taxation of Canadian real estate depends on whether the use of the property is for a principal residence, an active business or as a rental property. If it is used as a rental property, a 25% non-resident tax must be paid on the gross rent a tenant pays. However, if you use a professional property manager, the manager will, by law, withhold 25% of the gross rental revenue at source to be remitted to the Canada Revenue Agency. Then on or before March 31 of the following year, the property manager issues an NR4 form and you then have the right to file a Canadian tax return. The tax return is due before June 30 and enables you to claim expenses against that income and potentially request a refund.

Many countries, such as the U.S., have tax treaties with Canada that prevent you from being taxed in both Canada and your home country. It is advisable to contact a tax accountant in your country for more information.

Dino 250-212-4291 Luigi 250-808-3494
Sage Executive Group Real Estate 250-861-5122
#108-1980 Cooper Road Kelowna, BC V1Y 8K5

best real estate website
The best real estate website on earth