Withholding Tax question

[Canadian Tom]

Hello: I'm a Canadian in the process of selling a DVC contract and was wondering if anyone has any experiences on getting a refund of the withholding tax that was withheld? Successful or otherwise. Thanks Canadian Tom

 

[JETSDAD]

Canadian here as well. I flipped a couple of contracts end of last year/beginning of this year and hired a US tax professional to handle it for me. There are a number of individuals who do this and your broker can recommend some but I used Wade Johnson (it's who DVC Resale Market recommends). Everything went smoothly but it does take a while to get the refund. My sales were last December and then January and I got my refunds in November.

 

[Jimmy Geppetto]

Canadian here as well. I flipped a couple of contracts end of last year/beginning of this year and hired a US tax professional to handle it for me. There are a number of individuals who do this and your broker can recommend some but I used Wade Johnson (it's who DVC Resale Market recommends). Everything went smoothly but it does take a while to get the refund. My sales were last December and then January and I got my refunds in November.

I used Wade as well. Sold a contract in March 2022 and I am still waiting for funds. Wade was good. Just a bit slow on email responses.

 

[PalmettoPath]

We sold ours in May of this year and expect to get the first part back in Q2 2023 if all goes well with the individual we are using. It's a two-part process as I understand it to get the entire 30% back. So yes, could be up to a couple of years. It's still worth it even after the professional fees.

 

[Jimmy Geppetto]

We sold ours in May of this year and expect to get the first part back in Q2 2023 if all goes well with the individual we are using. It's a two-part process as I understand it to get the entire 30% back. So yes, could be up to a couple of years. It's still worth it even after the professional fees.

30%?! Only 15% was held back for me. Why did they withhold 30%??

 

[PalmettoPath]

30%?! Only 15% was held back for me. Why did they withhold 30%??

Sorry, I meant 15% (I was thinking of something different in Canada with respect to withholding tax). Yes, ours was/is 15% as well.

 

[Canadian Tom]

I just got a message from Wade. What a lot of hoops you have to jump through to get a refund. Is it really worth it? I'm talking about a small contract of 120 points.

 

[DVCanadian]

I just got a message from Wade. What a lot of hoops you have to jump through to get a refund. Is it really worth it? I'm talking about a small contract of 120 points.

$100x120 points = $12,000
15% is $1,800
$1,800 USD is around $2,500 CDN