Did you know that holdbacks apply for a non-resident’s sale of residential property in BC?
The sale would be subject to a 25% holdback of the sale price until CRA issues a Clearance Certificate. If the property has been a revenue-generating property, the holdback would be 25% of the land and 50% of the improvements. It can take 4 months to have a Clearance Certificate issued, so accountants should start…