The catch is any buyer will have to move the building off the lot it’s on.

Homes in the flood zones, bought up by the government to encourage people to move out, are up for auction for just one more day.

There are about 25 houses listed, most located in the town of High River, with bids ranging from $1,500 to $100,000 as of Thursday morning.

Winners have 160 days to move the house at their own expense.

Government auction property information link:

https://surplus.gov.ab.ca/OA/ItemList.aspx?keyword=high%20river

For transactions where the seller is a non-resident, our branch's law firm has recently reminded us that the seller must obtain a Clearance Certificate from the Canada Revenue Agency (CRA). If the seller fails to do so, the buyer may be held responsible for any unpaid taxes and penalties owed by the seller.

This tax is generally 25% of the income portion, though specific cases may vary. The application for this certificate must be submitted within 10 days of the transaction closing.

In summary, non-resident sellers should consult with their accountant before listing their property on the market to ensure compliance and avoid potential tax liabilities.

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