As a non-resident, a little bit of extra tax planning is required when selling Canadian real estate. The 25% Withholding Tax The CRA requires that the purchaser withhold 25% of the gross sale amount from a non-resident. (Note that the 25% of the gross sale proceeds withheld would normally be in the seller’s lawyer’s trust account, and this individual has
A Brief Analysis of Real Estate Gains & Canadian Income Tax Recently there has been a lot of media attention focused on financial gains being made in Vancouver’s housing market and the favorable tax treatment given to real estate used as a principal residence through the Canadian Income Tax Act. Without getting into the technical details of this tax treatment and
While Inheritance is Non-taxable, A Word of Caution Inheritances are non-taxable for Canadian taxpayers regardless of whether or not the inheritance comes from a Canadian citizen or a foreign citizen. This non-taxable tax treatment is also consistent regardless of whether or not the inheritance is straight cash, a summer house, a rental building or shares of a company. Before you
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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