Non-Resident Taxes in Oakville

If you need to get your Canadian tax returns filed because you're a non-resident, GTA Accounting in Oakville can help you maximize your returns.

Request a Consultation

Home



Oakville



Non-Resident Taxes Oakville

GTA Accounting is a highly rated CPA Firm in Toronto

With over 200 5-star reviews on Google, GTA Accounting has also won awards on Clutch 2 years in a row, featured in the Toronto Star and is one of the Best Companies for 2022 on "ThreeBest Rated".

Who Is A Non-Resident in Canada?

If one of the following situations apply to you, you will be considered a non-resident in Canada for tax purposes:

You have lived outside Canada throughout the year, and you don’t have significant residential ties with Canada. For example, you could be a Canadian government employee posted somewhere else.
You did not have significant residential ties with Canada, and you did not stay more than 183 days in Canada. If you even spent part of the day in Canada, it will count. Do not include travel days.
You were deemed non-resident under the Tax Act because of Canada’s agreement with the other country or region.

Withholding Taxes For Non Residents in Oakville

If you have a rental property, you also have to consider the withholding tax. Withholding tax is 25% of the rent that a person pays to a non-resident. The Canada Revenue Agency requires that this tax be withheld and remitted to the CRA by the payer. If an agent is involved, he will do it; otherwise, the payer will credit it. If the payer doesn’t submit the required withholding tax, he could incur interests and penalties. For more information about withholding tax, feel free to contact our accountants in Oakville for a free initial consultation.

Rental Property and Compliance Rules in Oakville and Beyond

There is a complicated system of rules for non-residents and their agents if any. If you own rental property and want to be compliant, you need to fill NR6 forms, NR4 forms, and more. At GTA, our accounting firm in Oakville, we have the CPA and accountants who are up to date with rental property compliance issues and can help you complete any forms.

To ensure that you are on top of the situation and that your real estate investment is safe, you will need professional bookkeeping services in Oakville and beyond. At GTA, we take care of all these responsibilities so that you can focus on your primary work. We provide our services to non-residents in Oakville and most of GTA.

Additional Information Regarding Non-Resident Taxes

NR6 Forms For Non Residents in Oakville

If you are a non-resident and can get an agent to act on your behalf, you can file for an NR6 form and get it approved by CRA. You will have to do it annually, and both the agent and you will have to sign it. If CRA approves your NR6 form, there could be no withholding requirement for that year. It also depends on the net rental income. At our accounting firm in Oakville, we make sure that your NR6 form is prepared and submitted on time so you can save the withholding tax.

NR4 Forms For Non Residents in Oakville

You or your Canadian agent must file the NR4 Information Return form by March 31^st. This form summarizes the rent amount paid and the withholding tax amount you or your agent paid to CRA. Although your agent has to file this form, the non-resident’s accountant often prepares this form to ensure that all the rules are followed. The agent then signs the form and files it. Here, at GTA, we have accountants who can work on your NR6 form and make sure that it complies with the latest rules and regulations.

Non-Resident Speculation Tax in Oakville

NRST is a 15 % tax imposed on the foreign people who invest in real estate in Canada. This tax has been set by the government, considering the rising prices in Oakville and beyond. The foreign investors purchase the property but do not live there and hold it for a certain period. The price of the property rises, and then they sell it. However, there are some exemptions from this tax, and we will help you figure it out. That is why, if you work with GTA Accounting, we will guide you about how you can avoid the NRST if applicable.

Land Transfer Tax (LTT) in Oakville

This tax is the same for both Canadians and non residents. However, the good news is that a first-time buyer in both new and resale properties is eligible for provincial land transfer tax incentives. For first-time buyers, the maximum provincial land transfer tax (LTT) rebate is $2,000.

Why Clients Choose
GTA Accounting

The majority of our clients stay with us long-term due to our availability, transparent pricing and quality of service in addition to our evolving knowledge of tax laws.

Find Out More