If you are a Non-Resident of Canada and you have a property for rent, our firm will be able to remit the 25% of withholding tax for you with an annual admin fee of $150 + GST per person on title.
In every January, you will receive an annual rental statement and in late February or early March, you will receive a NR4 form by default from our accounting department.
In order for us to produce the NR4 form, we need the following:
- Your SIN or ITN number
- Your foreign address
You will then bring along the Annual rental income statement and your NR4 or NR6 form to your personal income accountant to claim back from prepaid tax. Our firm have remit the 25% tax for you based on your Gross rental income, however, you should be paying the 25% tax based on your Net income. You have expenses such as repair, management fees, mortgage interest, property tax and such.
Please bring along those information to your Accountant:
- Your annual rental statement (includes all the income and expense occurred during our management)
- Your NR4 or NR6 form
- Your Property Tax
- Your Utility Bill if applicable
- Your annual Mortgage statement
- Your repair bill
- Your Strata fee for the year
- Plus all the other income and expense you have occurred during the year
Please consult your Personal Income Tax Professional Accountant for Details