question about selling property

[ethanca]

Hi,

I own an apartment in Canada, and I bought it when I was PR, I wanna know if I plan sell it after few years and I lose my PR, do I need repay the Speculation Tax or any other fee?
how about if I lose my PR and I don't want to sell my apartment, do I need repay the Speculation Tax or any other fee?

 

[KRP]

Hi,

I own an apartment in Canada, and I bought it when I was PR, I wanna know if I plan sell it after few years and I lose my PR, do I need repay the Speculation Tax or any other fee?
how about if I lose my PR and I don't want to sell my apartment, do I need repay the Speculation Tax or any other fee?

https://www.cic.gc.ca/english/helpcentre/answer.asp?qnum=1468&top=10

If you lose PR then automatically the door will be shut for you under certain conditions.
In that scenario why would you not wish to sell the apartment and move back with the money. Best is apply for citizenship and live here peacefully.

 

[steaky]

Speculation tax is related to your Canadian tax residency, regardless whether you are PR, citizen or foreign nationals.

 

[creativeuk]

Hi,

I own an apartment in Canada, and I bought it when I was PR, I wanna know if I plan sell it after few years and I lose my PR, do I need repay the Speculation Tax or any other fee?
how about if I lose my PR and I don't want to sell my apartment, do I need repay the Speculation Tax or any other fee?

If you loose PR and would like to keep apartment,you don't repay speculation tax .but if you plan to sell....In case of selling, your real estate lawyer will include an declaration that state you are neither a PR or citizen selling/disposing an Canadian asset..
How it impact your net gains this is a question for me as well,I will contact my Real Estate lawyer and get more clarity on it .
We will get back to you on this.

 

[ethanca]

If you loose PR and would like to keep apartment,you don't repay speculation tax .but if you plan to sell....In case of selling, your real estate lawyer will include an declaration that state you are neither a PR or citizen selling/disposing an Canadian asset..
How it impact your net gains this is a question for me as well,I will contact my Real Estate lawyer and get more clarity on it .
We will get back to you on this.

thank you, ,look forward to your reply

 

[steaky]

thank you, ,look forward to your reply

You might also have to pay speculation tax if you left the house unoccupied for a certain period of time in a calender year.