Category: Non-Residents

Non-Resident Vendors: The Need for Changes to s.116 of the ITA

By Peter Borszcz / Non-Residents, Sellers /

Recently I was asked to write an article for the Lawyers Weekly (a national newspaper in Canada directed to lawyers), this is a re-post of that article originally published by the Lawyer's Weekly October 8, 2010:When we speak to law reform, real estate is generally a tortoise among hares and for good reason Given that...

The Story of a Collapsing Deal

By Peter Borszcz / First Time Home Buyers, Non-Residents, Sellers /

(based on real life events)At the end of August 2010, Dave and Jane were buying their first home Nervous about finding the “right” home for themselves and their two kids they look at property after property Finally, at the beginning of August 2010, the house at 3245 McLeod Road came up for $375,000 It was the right...

Non-Resident Sales

By Peter Borszcz / Income Tax, Non-Residents, Sellers /

When a non-resident of Canada is the Seller of real property special considerations apply to ensure that the government of Canada is paid all applicable taxes on sales116 Income Tax Act - provides that the BUYER must withhold between 25-50% [depending on the nature of the property] of the Purchase Price from the Se...