QUESTION: Hi David,My husband and I are US Citizens and are thinking of selling our summer home in Canada. I have researched online quiet a bit on the forms/paper work required, but I am unclear how the process/timing would go. Also, I have a tax question as well.Before we list with a Realtor, I am wondering how much time we should state in our listing agreement as to when the home could be closed on by a potiental buyer, that would allow us to file the T2062 and get the Certificate of Compliance. And is the T2062 typically filed after an offer is made or after the potential buyer has completed inspections, and loan approval? Or is this all done at the time of closing? If so who's attorney holds the tax money that would be sent for the Certificate of Compliance.We currently do not have an ITN number, should we file for that now or wait and do both forms together. (T1261 and T2062) From what I have read it looks like my husband and I both need to file each of the forms as both names are on the title of the house. Please correct me if I am mistaken.For my last question, we bought when the exchange rate was 1.535 in 1998 now it is 0.990. How is the gain in the exchange rate handled?Thank you in advance for your help.
