Some of the basic costs for real estate sellers are as follows:
In BC Realtor commissions are paid by the Seller. Commissions vary on several factors, including the level of services provided. 5% GST (Goods and Services Tax) is applied to the commissions. The commission is split between the listing realtor and buyer's realtor. Commissions will be deducted from your sale proceeds by your legal representative, at the time of completion, and paid directly to the realtors' brokerage on your behalf.
This document is required for all non-resident owners disposing of real estate in Canada. Fees for its preparation and filing vary and usually range from $300-$1000 plus tax and dispersements, depending on the nature of the transaction.
Capital Gains Tax
Capital Gains Tax is not applicable on gains realized from the disposition of a principal residence, for Canadian residents. It is applicable for second residences or investment properties for residents and all properties owned by non-residents. Generally speaking, capital gains tax is levied on 50% of the gain at the seller's marginal incpome tax rate. Like many other taxes, this rate and its application will vary depending on many factors. I strongly recommend that all sellers consult their lawyer and accountant to determine exactly how the Capital Gains tax applies to them. I would be happy to discuss the process with you in general terms.
You'll require a Lawyer or Notary Public in order to transact your sale, transfer title and discharge your mortgage if required. Costs usually range between $600 to $1500 plus dispersements plus GST, depending on the nature of the transaction. I would be happy to provide a referal as required.