Avoiding Pre-Closing Chaos: A Helpful Checklist for Home Buyers
Your closing date is circled on the calendar. You have officially signed an offer to purchase your next home, and are already turning your mind towards just how you’re going to pack all of your stuff. Before you break out the boxes though, there are a number of steps in between agreeing to and closing your real estate deal.
Congratulations On Your First Home! A Helpful Q&A for First Time Buyers
When a purchaser is buying a property from a non-resident seller, the Federal Income Tax Act states at section 116 that the purchaser may have to pay taxes of 25% (or in some instances as much as 50%) of the purchase price. The concept itself is not unusual - the tax is intended to ensure that the government is not denied tax revenues on the sale of a property simply because the previous owner did not reside in Canada.
Seller Not There? Home Buyers Beware!
When a purchaser is buying a property from a non-resident seller, the Federal Income Tax Act states at section 116 that the purchaser may have to pay taxes of 25% (or in some instances as much as 50%) of the purchase price. The concept itself is not unusual - the tax is intended to ensure that the government is not denied tax revenues on the sale of a property simply because the previous owner did not reside in Canada.