Non-Resident Tax Services by WittCPA Inc. - Kelowna Business Consultant

If you are a non-resident of Canada and earn rental income from Canadian real property (land and building), you are required to remit 25% of your gross rental income to the Canada Revenue Agency by certain due date or face up to 15% in penalties and interest.

This is also true for non-residents who sell Canadian property, regardless of whether if was used to generate rental income or solely for vacation purposes.

The truth however, is that all rental and vacation properties have other costs associated with them and simply paying 25% tax on gross rental income or the sales price can be substantial and is often unnecessary.

Something that you should be aware of Is there are optional tax returns that can be filed with the Canada Revenue Agency (CRA) in order to recover either a portion or all of this tax.

Finally, there are often complexities that arise with the treatment of the Goods and Services Tax (GST) when purchasing or selling this type of property. If you have a specific scenario that you would like to enquire about, please contact Theresa.

Non-resident services we offer:

Registration of the following with the CRA:

*   Canadian Tax Number (ITN) *   GST Number

Preparation and filing of the following with the CRA:

  • Annual, non-resident tax return
  • Certificate of compliance - upon sale of Canadian real property

Other services:

  • GST advice for sale/purchase of property
  • Tax planning and general tax advice

Resources:

UHT Quick Reference Chart: Click Here

Non-resident tax guide: www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4058.html

GST information: www.canada.ca/en/services/taxes/gsthst.html

WittCPA Inc. serves clients across West Kelowna, Penticton, Enderby, Vernon, Summerland, Lake Country, Kelowna, Big White, Kamloops, and the surrounding areas.

Contact WittCPA Inc. - Kelowna Accountant

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