Owner financing in Canada

Hello,

Anyone has experience with owner financing in Canada? I have land that I want to sell and I want to explore that idea.

I’ve heard that you can only use the first 5 years since the moment of the sale to report taxes on the profit. What happens if I want to make a longer term contract where the buyer pays me monthly payments for the next 10 years for example?

I also haven’t been able to find a contract online on that type of deal, I would be interested to look at one if someone has one.

Any tips on that type of transactions, or some cons I might not be thinking about other than not getting the whole sum of money like a traditional deal and the possibility of the buyer to default?

Thanks for your help!

submitted by /u/STMT
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Hello, ​ Anyone has experience with owner financing in Canada? I have land that I want to sell and I want to explore that idea. ​ I’ve heard that you can only use the first 5 years since the moment of the sale to report taxes on the profit. What happens if I want to make a longer term contract where the buyer pays me monthly payments for the next 10 years for example? ​ I also haven’t been able to find a contract online on that type of deal, I would be interested to look at one if someone has one. ​ Any tips on that type of transactions, or some cons I might not be thinking about other than not getting the whole sum of money like a traditional deal and the possibility of the buyer to default? ​ Thanks for your help! submitted by /u/STMT [link] [comments]

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