As a non-resident, a little bit of extra tax planning is required when selling Canadian real estate. The 25% Withholding Tax The CRA requires that the purchaser withhold 25% of the gross sale amount from a non-resident. (Note that the 25% of the gross sale proceeds withheld would normally be in the seller’s lawyer’s trust account, and this individual has
Many Canadians live abroad but own rental properties in major Canadian cities like Vancouver – mostly because Canadian real estate has become a choice asset to own. The same principles apply to many non-Canadians who are also invested in rental properties here in Canada. Both classes of taxpayers are considered non-residents for Canadian taxation purposes and both are required to
MEW and COMPANY
Chartered Professional Accountants
Suite 418–788 Beatty St. Vancouver, BC V6B 2M1
Tel: 604 688 9198 | Fax: 604 688 9192
Suite 418–788 Beatty St.
Vancouver, BC V6B 2M1
Tel:604 688 9198
Fax: 604 688 9192
Lilly Woo, CPA, CA, CFE, CFP (ext. 1)
Richard Mew, CPA, CA, CFP (ext. 2)
For everything from consultation to a comprehensive corporate tax plan, call us, we’re here to help. Whether you’re an incorporated Canadian business or a Canadian individual, whether you need financial statements or a comprehensive tax and estate plan, we know how to work within the current Canadian tax laws to minimize your tax burden and maximize your net worth
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