Non-resident owners of personal use or rental properties will pay capital gains tax on sale but there is a grocery list of compliance rules for rental properties. We are here to help you navigate non-resident issues including the following matters:
Withholding tax issues;
Non-resident Canadian Agent issues;
NR 4 & NR6 filing;
Section 216 non-resident tax returns;
Required filings for the sale of a rental property by a non-resident; and,
Non-resident certificate of compliance (commonly referred to as “Tax Clearance Certificates”).
The filing requirements for non-resident owners of Canadian Real Estate can be onerous and extremely complicated. We are experts in these filing requirements as well as with advising on the tax consequences of selling real estate. Please be advised there are firm deadlines for these filing requirements. Feel free to e-mail the head of our non-resident tax department at firstname.lastname@example.org.
We can provide services in many languages including Mandarin, Russian, Polish, Hebrew, Albanian, Italian and Greek!
EMIGRANTS/IMMIGRANTS & AMERICAN CITIZENS
Canadian residents emigrating have to consider the tax impact of retaining a Canadian residential property. The Principal Residence Election is an annual election and upon emigration, by definition is not available to non-residents. Therefore, for each year the emigrant owns the Canadian residence, a larger percentage of the gain on the sale will be a taxable capital gain because of the averaging effect of the Principal Residence Designation Form T2091. They need to consider the consequences of selling the Canadian residence versus changing its use to rental property. As well, other Canadian based assets would have to be considered. For effective tax planning before becoming a non-resident, do not hesitate to contact the head of our non-resident tax department at email@example.com.
How You Can Benefit from Hiring Us to Deal With Non-Resident Taxation Issues
One of the best investments you can make is in the commercial and residential property. The Canadian landscape is filled with a top-notch real estate that can be used to make investors a lot of money. Buying Canadian property can be complicated, especially when dealing with non-resident taxation issues. If you are not a resident of Canada but own property in this great country, reach out to The Taxperts Group for help.
Avoid Problems With the Canada Revenue Agency
When hiring us to help with your non-resident tax situation, you can rest assured things will be handled the right way. Our main goal is to both save you money and help you avoid problems with the Canada Revenue Agency. Without the proper amount of knowledge regarding non-resident taxation, you can make a mess of this filing process. Taking advantage of our Toronto, Ontario, tax preparation services can help you avoid raising red flags with the tax agencies of this country.
Fast and Accurate Filing
If you are like most investors, finding ways to reduce your stress is a top concern. The tax and accounting services we offer can do just that. Our team will get information regarding your real estate holdings in Ontario and start the filing process. We will leave no stone unturned when it comes to trying to save you money on your non-resident tax filing.
Give us a call today to speak with a knowledgeable member of our team. We are here to help make the tax filing process as easy as possible.