Sales Costs

Cost Associated to Selling Your Property – Understand the whole picture!

Typical costs associated to selling a property:

• Legal fees, approx. $750 plus disbursements (for details on hiring a lawyer click here).
• Penalty to pay off your mortgage. Talk to your banker for full mortgage details and provisions. Usually you will able to transfer your mortgage over with min. fees.
• Investment property can be subject to Capital Gains tax (click on this link to get full details). Depending on how your investment was structured with capital costs allowance (cca) and depreciation you should ask your accountant the net proceeds on a projected sale amount prior to listing your property. Capital Gain or loss have to be reported.
• Non resident can be subject to up to 50% holdback on sale proceeds.

The Trillion team has dealt with non residents and investment property extensively over the years.