There are costs associated with the sale of your home. You will need to account for these costs to determine what your net proceeds of your sale will be. The final sale price of your property, less the cost of selling.
Estimates of mortgage-related costs can be obtained from your mortgage provider. Be sure to check in with them ahead of time so that you know what to expect.
Adjustments are typically handled by your lawyer. If you have prepaid your property tax or Tourism Whistler fees for the year, you could be refunded a proportionate amount from the buyer.
You will need to hire a lawyer or notary to help with the transfering of the property title, among other things.
The amount of the real estate fee, or commission, will have been set out in the initial listing contract. It is typically a percentage of the sale price, out of which both the Listing agent and the Buyer's Agent are to be paid.
Gains on the disposition of rental property in Canada are subject to tax, which is levied in two stages: a withholding tax at the time of disposition and a final calculation of tax as reported in the T1 personal tax return. The withholding tax consists of 25% on the land portion and up to 50% on the building portion on the interim gain on sale.
Sellers should be aware of Capital Gains Tax, a Federal tax that must be paid on capital gains on investment properties. Capital gains are taxed at lower rates than other income such as interest and foreign dividends.