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Is there a TAX for capital gain in Land purchase in Canada ? |
I am a foreigner thinking of investing in overseas land in Canada, and wonder if i sell the land in few years to come, and is there a TAX by Canada government for any capital gain for the land ? Non-residents are subject to tax on the disposal of taxable Canadian property (Income Tax Act, subsectin 2(3)). Real property situated in Canada is included in the definition of Taxable Canadian Property in subection 248(1). You should talk to an accountant who specializes in such things. Although I'm pretty sure you would be subject to capital gains taxation. i think there is. |
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