Canadian Specific Resale Purchase Question

[alamode]

As a Canadian that is contemplating purchasing from DVC for the first time, are there any canadian specific taxes that I will have to pay upon purchasing? If so, are the taxes different for purchasing direct from Disney vs purchasing resale?

Thank.

 

[MikeyNS]

Not that I'm aware of. I've purchased one resale and my father-in-law purchased another and the price we offered was just converted to CDN on our end and that's what we paid (other than the resale fees).

 

[House_of_Mouse Fan]

I assume that you would have to declare that you now own foreign property on your annual tax return. I don't think there would be any tax implication until you decided to sell (if you decided to sell).

You may want to check with CRA (Canada Revenue Agency) directly on this one.

 

[MikeyNS]

I assume that you would have to declare that you now own foreign property on your annual tax return. I don't think there would be any tax implication until you decided to sell (if you decided to sell).

You may want to check with CRA (Canada Revenue Agency) directly on this one.

Nope. Don't have to declare it. There's actually a CRA "statement" (or something) that this doesn't count, because it's a fractional timeshare (or something).
You do get a 10% holdback from the IRS when you do sell, which you can try to get back by filing US taxes when that time comes.

 

[tgropp]

We have purchased two DVC resales and there are no implications or tax claims. Nothing

 

[Fellowship9798]

You do get a 10% holdback from the IRS when you do sell, which you can try to get back by filing US taxes when that time comes.

In order to claim back the 10% you have to prove to the IRS that you sold the DVC contract at a loss. This is what our resale agent explained to me.

I'm not sure how much trouble it is, but I would assume they won't make it easy.