Selling Canadian Home

Just wondering if anyone has sold their home in Canada and what went on. From my understanding a portion of the proceeds from the mortgage is held back so the government can make sure your up to date on taxes. Can anyone tell me how much the hold and for how long?

Also, if you go in on a TN... the expect you to maintain a Canadian Home... clearly most people can't afford to keep their house here and pay to live in the USA. Just wondering what you say at the boarding if they ask... do you tell them you don't own a home in Canada?

Thanks in advance!

*Bump*


Anyone?

You are NOT expected to maintain a Cdn residence on TN. All that is needed is assurance taht you will leave at the end of your stay.

As to selling as a non-resident, you must file some forms before and after selling, but if this is your home, there will be no tax withheld.

If it's your principal residence there is no tax liability, are you on about departure tax perhaps? This is a capital gains tax applied at the point of your departure, however your principal residence and RRSP are exempt so usually it's only an issue for people with non-registered accounts and other investments.

TN-1 requires non-immigrant intent but it doesn't require an abode abroad, like B and H-2A do. You simply have to have some sort of reasonable explanation of how and when you are going to leave.