Tax return for sale of property

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A non-resident owner who sells a taxable capital property has to file a tax return if s/he realizes a capital gain.

You are required to notify the Canada Revenue Agency when you sell your property. You have to provide the payment to cover the tax on the expected capital gain to obtain the certificate of compliance.

Without a certificate of compliance, the purchaser will have to withhold 25% of the gross proceed and remit it to the Canada Revenue Agency.

When you file your tax return after the sale, we will calculate the actual capital gains and the final tax obligation. Very often, you will receive a refund from the excess tax paid when you applied for the certificate of compliance.

Contact us to get the final tax filing done and get the refund you are entitled to.