Wednesday, 11 June 2014

Non-residents of Canada Avoid the $2,500 Penalty when Selling your Real Estate in Canada!!

We have noticed that some non-resident landlords that have been filing Canadian tax returns under ITA216 have unknowingly declared themselves as resident of Canada when selling their property. This unfortunately results in a penalty of up to $2,500 which could have been avoided. This is happening more often with Canadian citizens who are no longer residents. In order to comply with Canadian tax law and avoid the penalty one should declare one's non-residency and file the required government forms. See my news letter and blog on this subject.

This blog is for general information only and cannot replace professional advice.
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