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We are Canadians who now have dual citizenship in the

We are Canadians who...

We are Canadians who now have dual citizenship in the states. What tax concerns are there to buy raw land on Vancouver Island?

Accountant's Assistant: Where is the property located?

Shawnigan Lake

Accountant's Assistant: Has any paperwork been filed?

No but offer go in Sunday

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

On raw land deals what can be expected for closing costs

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Answered in 1 day by:
3/8/2018
bkb1956
bkb1956, Tax Preparer
Category: Canada Tax
Satisfied Customers: 6,364
Experience: Tax preparer with 20+ years of experience
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

There are no tax concerns for the U.S. when you purchase property. There are tax implications if and when you sell.

Closing costs for the purchase of vacant land should be minimal. The average closing costs on the purchase of property in Canada range from 1.5% to 4% of the purchase price. Because this is vacant land, your closing costs should be in the 1.5% range.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

bkb1956
bkb1956, Tax Preparer
Category: Canada Tax
Satisfied Customers: 6,364
Experience: Tax preparer with 20+ years of experience
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Customer reply replied 4 months ago
Thx Barbara,
Very good info.
Susan

My pleasure.

Thank you for the positive rating of my answer. It is very much appreciated.

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