Sale of Newfoundland land in the estate of nonresident
QUESTION:
My dad passed away in March 0f 1979 in and a citizen of the USA. He was born and lived in NFLD for about 20 years. I am the executor of my dad's estate, which includes a small parcel of land in NFLD, which I would like to sell. The LETTERS OF PROBATE were filed in 1979, in both NFLD and Massachusetts. What taxes and requirements/documents are required by the Canadian/NFLD government?
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david ingram replies:
You will have to file form T2062 on the land and form T2062A if there is a house on it within 10 days of the actual sale or face a $25.00 a day fine for being late.
Then the estate will have to file a T3 return to report any capital gains and pay any tax on them.
These are federal forms with the NFLD portion included within the T3.
I love Newfoundland -- too bad you cannot use it.
My dad passed away in March 0f 1979 in and a citizen of the USA. He was born and lived in NFLD for about 20 years. I am the executor of my dad's estate, which includes a small parcel of land in NFLD, which I would like to sell. The LETTERS OF PROBATE were filed in 1979, in both NFLD and Massachusetts. What taxes and requirements/documents are required by the Canadian/NFLD government?
--------------------------------------------
david ingram replies:
You will have to file form T2062 on the land and form T2062A if there is a house on it within 10 days of the actual sale or face a $25.00 a day fine for being late.
Then the estate will have to file a T3 return to report any capital gains and pay any tax on them.
These are federal forms with the NFLD portion included within the T3.
I love Newfoundland -- too bad you cannot use it.
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