Lawyer or Notary Fees and Expenses: All real estate transactions in Canada must be executed by a Canadian lawyer or notary.
Pre-Payment Penalties: In Canada, a mortgage is for a fixed term usually between 6 months and 5 years. There are penalties to selling the property before the term of the mortgage is up and are usually the greater of three months' interest or the interest rate differential.
Harmonized Sales Tax (HST): HST is a 12% tax that applies to the commission fee and other services related to the sale of your property.
Obtaining a Clearance Certificate: If you are not a Canadian seller, you will need a Clearance Certificate from Revenue Canada prior to the completion date of your transaction. The current wait for a Clearance Certificate is 6 to 8 weeks, so it is important to contact your lawyer or accountant as soon as an accepted offer has been received. Before issuing the Clearance Certificate, Revenue Canada will need to collect any tax payable on the property to be sold.
Adjustments for Ownership: At the time of closing your lawyer will prepare the Statement of Adjustments which may include adjustments for the following: property taxes, strata fees and Tourism Whistler fees.