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I have 5 different properties (i.e. not with houses) that I…

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I have 5 different...

I have 5 different properties (i.e. not with houses) that I purchased in Canada from 10 to 15 years ago. I am thinking of selling one of the properties. I contacted a person who claimed to be a tax specialist in Canada and she told me that because I am not a citizen of Canada that if I sell the property that the lawyer will withhold 15% of the sales price to send to Canada Revenue. She said that I can fill out a form in a very short time and show my costs and they will revise the tax that is sent to Revenue Canada. I told her that I have been paying property taxes in holding the property and she said that property taxes paid are not a cost to deduct from the gross profit made on the sale. Is this true? Or can I add all the property taxes that I have paid over the years to the cost to come up with the true costs of holding the property for sale? I also have some properties with houses. What would be the basis for paying the property taxes on those properties if I sell them?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No, I have a current escrow to sell one of the properties

Lawyer's Assistant: Have you talked to a Canadian lawyer about this?

No, as I said a Canadian tax specialist. I talked to the lawyer but he referred me to the tax person.

Submitted: 3 months ago.Category: Canada Law
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Answered in 59 minutes by:
4/3/2018
Lawyer: Debra, Lawyer replied 3 months ago
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 105,485
Experience: Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Lawyer: Debra, Lawyer replied 3 months ago

The information you provided is completely correct.

This is about capital gains tax. Everyone has to pay taxes on a any capital gain that is not related to their principal residence. And because you are not a resident in Canada there is a withholding tax as a guaranteed that the tax is paid.

If you have made any capital improvements on the property then those are deducted from the gain. But property taxes are not deducted.

Does that clarify the law?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

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Lawyer: Debra, Lawyer replied 3 months ago

Is there anything more I can help you with at this point in time?

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