Welcome to my new Accountant blog
-
Featured
Becoming a non-resident of Canada
Whenever people leave Canada to permanently move to another country or take up employment in another country there is a lot of confusion surrounding what needs to be done. Before I get into the tax benefits and implications, I would like to start talking about residency status. To Determine someone’s residency status the CRA looks… Read more
-
Featured
Sale of a property by a non-resident
A lot of time when a non-resident sells their Canadian property they are in for a shock when they learn that their lawyer will be withholding 25% of the gross selling price to remit to the CRA. Whenever somebody sells property in Canada the buyer’s lawyer is responsible for doing enough due diligence to determine… Read more
-
Section 85 Rollover: What is it and why is it required
As per Section 69 of the Income Tax Act, when a taxpayer transfers a property to a person with whom they are not dealing with at arms length, the taxpayer is deemed to have disposed of the property at fair market value. A corporation is a person under the Income Tax Act. Related individuals are… Read more
-
Section 216 return: Rental income earned by a non-resident
Non-residents are required to pay taxes in Canada on all Canadian sourced income. However, for non-residents they can skip paying taxes on that income since they no longer live in Canada. To counter that the CRA requires that for all payments that are made to non-residents 25% of the gross amount be withheld and remitted… Read more
Follow My Blog
Get new content delivered directly to your inbox.
GTA Tax Help 