Selling property with income taxes 3 years behind

I am selling a commercial property and holding the mortage. The property is incorporated and the income taxes have not been done in 3 years. Will this be a problem?

Asked 24 days ago in North bay, Ontario
Categories: Real Estate

Answer Now

Jason Berger

Answer by Jason Berger

VerifiedOntario lawyer

Not necessarily, but you will need to bring the taxes up to date and you will also have to report the disposition on the next tax return (and pay tax on the gain if there is one). There may be ways to reduce the tax. Please call me if you would like to discuss further. 905-597-6262.

Posted 24 days ago

Please note that this is for informational purposes only and does not constitute legal advice to you. Legal advice pertaining to your particular situation can only be provided by a lawyer who has met with you to obtain all pertinent background information necessary to give you a formal legal opinion. For formal legal advice, hire a lawyer (many give a free first consultation). Contact Jason Berger, or search the Lawyer Directory.

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