We help over 300 owners annually with their tax filings and were involved in 225 property sales in 2022.
What's what in the real-estate taxation world...
An individual living outside Canada, it could be a Canadian national or a foreigner. In the case of a corporation or a trust, the residency is based on the country where it was constituted or where the trustees are located.
The individual(s), corporation or trust, indicated on the legal deed of title of the property.
Obligation for any non-resident to remit 25% of their gross rent on a monthly basis to the Canada Revenue Agency, as tax instalments.
Annual filing allowing a non-resident owner to appoint a Canadian as their "guarantor" for tax purposes in order to remit 25% after expenses, rather than the gross.
The action of disposing of a property in favor of either a third party or a related party (non-arms-length); in all cases tax is payable. This applies to Canadians and non-Canadians alike. Donations do not exist in the tax law in Canada.
Document issued by the government(s) to review a real-estate transaction. This triggers tax instalments payable on the gross plus-value (sale price vs acquisition price only). These certificates confirm to the buyer, that they are no longer liable for the vendor's taxes.
Underused housing tax, a 1% annual federal tax on properties owned by non-Canadians. The filing is mandatory, even if the owner is eligible for an exemption.
These sales taxes will apply to commercial properties. The registrant owners have the obligation to do short term rentals and collect sales taxes on them.
How to Invest in a Canadian Property as a Non-Resident
FL Fuller Landau LLP, Aug. 9, 2020
Julie Côté has been the leading expert on non-resident real-estate for the past 15 years.
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1 450 990 2727
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Delson, QC, J5B 2E2 - in the Montréal area
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