Resident and non-resident selling property Resident, selling, property

kaimui22

Just wondering if there are any accountants on board to help answer a few questions..

If a non-resident and a resident owns a property....and now they want to sell it, how much non-resident tax will be charge?

The non-resident WAS a deemed-resident in Canada before..in fact she lived here on student and work visas for over 8 years before going back to Taiwan. The resident also uses the property as a primary residence. They have never rented out the property.

So what happens if they want to sell it?

Say the property is assessed to be about $800 000...will $400 000 be taxed for non-resident and the other to be taxed normally? Or will she be exempt because the residence is a primary residence and also because she lived there for over 5 years before?

----

also...can someone please tell me if this is a legal or an accountant question?
if either..does anyone know a good accountant or lawyer who can deal with this situation?

thanks.

kimball

I have handled quite a few of these non-resident selling cases before. You will need the help of a realtor, a lawyer and an accountant to finish the deal. The tax reporting portion is taking very long (around 4 months for stage one)because of the high volume of property transactions these days. The detail process is too complicated to post here. You can email me [email protected] or send me private msg - will probably need to explain to you over the phone.

[ 本帖最後由 kimball 於 2008-3-29 12:34 編輯 ]