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Important Tax Information for Realtors: 25% Withholding Tax for Non-Residents

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Important Tax Information for Realtors: 25% Withholding Tax for Non-Residents

It’s crucial to know that when non-residents sell property in Canada, a 25% withholding tax is applied to the gross selling price. This tax ensures compliance with Canadian tax obligations, which differ from those for residents.

Make sure to verify the residency status of your clients early in the process. Non-residents must be informed about this withholding tax, as it can significantly impact the proceeds from their sale.

For a detailed explanation, watch Vivian Lee from Top Producer Realty in our latest video. She provides valuable insights into this tax and how it affects non-resident property sales.

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