Hi, I bought a house a year ago thinking I would be able to immigrate to Canada smoothly. However, under the new rules of EE - I don't think this is possible anymore. I'm still on a work permit but that will expire in a year - if I sell my house in Ontario, will I be considered a non resident? Also, would I have to pay taxes etc. What is the penalty for selling as a "resident" on a work permit? Thanks.
PLEASE HELP!!! NON RESIDENT SELLING
- Thread starter lin123
- Start date
Hello Lin
I'm a realtor with 12 years of experience.
#1 non residents will pay capital gain tax this is around 20% of what you make on profit for example you buy for 100k and sell for 120k your profit will be 20k I say around because you have to deduct all expenses you used to purchase this property so whatever is left will be taxed it depends but is around 20% of your profit (not the price of sale).
#2 Penalties are the same for everybody depends on what kind of mortgage you have if you have a variable mortgage then is around 3 months of interest for example your mortgage is $100000 with an interest rate of 3% your payment is $473 per month 248 interest and 225 principal so you'll pay $744 plus bank fees.
#3 you pay commissions depends on your realtor around 4% of the sale price.
#4 closing costs is around $1500 depending on the lawyer's fees average is $1100.
for more info check my page alrivas. com good luck
I'm a realtor with 12 years of experience.
#1 non residents will pay capital gain tax this is around 20% of what you make on profit for example you buy for 100k and sell for 120k your profit will be 20k I say around because you have to deduct all expenses you used to purchase this property so whatever is left will be taxed it depends but is around 20% of your profit (not the price of sale).
#2 Penalties are the same for everybody depends on what kind of mortgage you have if you have a variable mortgage then is around 3 months of interest for example your mortgage is $100000 with an interest rate of 3% your payment is $473 per month 248 interest and 225 principal so you'll pay $744 plus bank fees.
#3 you pay commissions depends on your realtor around 4% of the sale price.
#4 closing costs is around $1500 depending on the lawyer's fees average is $1100.
for more info check my page alrivas. com good luck