Non-Residents of Canada are a significant portion of our client-owner base. As such, many are out-of-country investors with rental properties in Oakville (or Halton Region) or they have been relocated outside Canada by their current employer. In both scenarios the registered property owners have to file income tax for the property on an annual basis.
The Non-Resident component adds an additional layer of complexity and filing of NR6 and NR4 Forms, Withholding Tax, etc. It is vital to have a property management company with a depth of experience in this regard to avoid complications with CRA.
Do you have a tax strategy for the property? Income tax on rental income, withholding tax requirements, depreciation – all play a part.