Non Resident Tax Advisor Downtown Toronto

Overview: Navigating the complexities of cross-border taxation can be challenging for non-residents. Our specialized Non-Resident Tax Advisory services in Downtown Toronto are designed to provide comprehensive support and guidance to individuals and businesses with international tax obligations. With extensive expertise in both Canadian and international tax laws, our team is dedicated to helping you manage your tax affairs efficiently and compliantly.

Services Offered:

Non-Resident Tax Planning:
- Cross-Border Tax Optimization: Strategic tax planning to minimize liabilities and maximize tax benefits for non-residents with Canadian income sources.
- Residency Status Determination: Assistance in determining your tax residency status and its implications under Canadian tax law.
Tax Compliance:
- Tax Return Preparation: Preparation and filing of Canadian tax returns for non-residents, ensuring compliance with all relevant regulations.
- Withholding Tax Management: Guidance on withholding tax requirements for income earned in Canada, such as rental income, dividends, and pensions.
Real Estate Transactions:
- Property Sales: Tax advice and compliance for non-residents selling Canadian real estate, including capital gains tax considerations.
- Rental Income Reporting: Assistance with reporting rental income and related expenses for non-residents owning property in Canada.
Investment Income:
- Taxation of Investments: Guidance on the tax treatment of various investment income streams, including interest, dividends, and capital gains.
- Tax Treaty Benefits: Analysis and application of tax treaty provisions to reduce withholding taxes and prevent double taxation.
Business Tax Services:
- Non-Resident Corporations: Tax compliance and planning for non-resident corporations with Canadian business activities.
- Branch Operations: Assistance with the tax obligations of non-resident businesses operating branches or permanent establishments in Canada.
Estate and Trust Tax Services:
- Inheritance Tax Planning: Strategies to minimize Canadian inheritance tax exposure for non-residents.
- Trusts and Estates: Tax compliance and planning for non-residents involved in Canadian trusts and estates.
Immigration Tax Services:
- Pre-Arrival Tax Planning: Tax planning for individuals moving to or from Canada to ensure a smooth transition and compliance with tax obligations.
- Departure Tax: Assistance with calculating and reporting departure tax for individuals leaving Canada.

Why Choose Us:

Expertise: Our team of experienced tax advisors has a deep understanding of Canadian and international tax laws.
Personalized Service: We provide tailored tax solutions to meet the unique needs of each client.
Proactive Approach: We stay ahead of regulatory changes to ensure our clients remain compliant and benefit from the latest tax strategies.
Client-Centric Focus: Our commitment to exceptional client service means clear communication, timely responses, and reliable advice.

For more information or to schedule a consultation, please contact our Non-Resident Tax Advisory team in Downtown Toronto at (416) 628-7824 Ext.2 or info@torontotaxconsulting.com Let us help you navigate the complexities of cross-border taxation with confidence.

Downtown Toronto

Toronto Tax Consulting
401 Bay Street Suite 1600
Toronto ON M5H 2Y4
Tel: 416-628-7824 Ext.2

Downtown Toronto

Toronto Tax Consulting
1 Dundas St W Suite 2500
Toronto ON M5G 1Z3
Tel: 647-951-4852 Ext.2

Toronto Tax Consulting solutions for Non Residents Tax. For more information please call 416-628-7824 and press 2 to speak with an advisor. Non Resident Tax Advisor Downtown Toronto

For tax purposes, you are considered a non-resident if you permanently live outside of Canada and you do not have any primary or secondary residential ties to Canada. However, you may have some tax obligations to attend to and ensure that you are non-resident tax compliant. In order to confirm that you do not have tax obligations, it is recommended that you hire a tax accountant. The following are some areas in which Toronto Tax Consulting practices and is beneficial for non-residents.

Toronto Tax Consulting Services for Non-Residents (Non Resident Tax Advisor Downtown Toronto):

Determine residency status of an individual or corporation and avoid penalties and fines

Obtain an Individual Tax Number (ITN) or Non-Resident Tax Account Number (NR) or Business Number (BN) as required by the Income Tax Act

Open a GST/HST account or payroll account and determine if necessary

File an NR5 application to have the amount of Non-Resident Tax Withheld Reduced

File an NR6 form for rental properties to remit non-resident tax based on Net Income and not Gross Rents and reduce the amount of tax that is withheld and increase your cashflow

Attain Certificate of Clearance from Canada Revenue Agency for confirmation of compliance and taxes are paid and clear

Support your Canadian Lawyer with non-residency matters specifically tax related matters

File a Non-Resident Tax Return under Section 116, Section 216, Section 217 and Individual personal return or corporate as required

Toronto Tax Consulting Services for Individuals or Business Paying Non-Residents (Non Resident Tax Advisor Downtown Toronto):

Open an NR4 account

Assist in Non-Resident Tax withholdings and remitting requirements

File the NR4 Slip and Summary Information Return with Canada Revenue Agency

Attain taxpayer relief for interest and penalties on omitted or late filed returns

Taxation of Non-Residents – Non Resident Tax Advisor Downtown Toronto

Non-residents pay tax on income received from sources within Canada. The type of tax and requirement to file depends on the kind of income received. Canadian income received by a non-resident is subject to Part I tax or Part XIII tax. Unless there is a tax treaty between Canada and your home country reduces the rate, the Part XIII tax rate is twenty-five percent.

Part I Tax

The most common type of Part I Tax is if you sell or transfer taxable Canadian property, which includes real estate. When purchasing Canadian real estate from a non-resident, individuals have an obligation to withhold and remit twenty-five percent of the gross sale proceeds with respect to the purchase. When the real estate is depreciable property, such as a building use for rental or business purposes, this liability increases to fifty percent. The Canada Revenue Agency can enforce this liability for any purchaser who fails to withhold the tax, unless they had no reason to believe that the non-resident was not a Canadian resident. It is standard for the purchaser’s solicitor to either require the vendor to certify in writing as to the Vendor’s Canadian residency status or require withholding of this tax.

Certificate of Clearance – Non Resident Tax Advisor Downtown Toronto

If the Vendor obtains a “Certificate of Clearance” from the Canadian Revenue Agency on a timely basis, the withholding tax can be reduced or eliminated. The form must be filed with the Canada Revenue Agency in advanced of the disposition or within 10 days thereafter.

Part XIII Tax

Canadian income subject to Part XIII tax are:

Rental and Royalty payments

Management fees

Dividends

Old age security pension

Canada Pension Plan and Quebec Pension Plan benefits

When the income is paid or credited to the individual, Canadian payers must deduct Part XIII tax. An individual can elect to file a Canadian Income Tax Return for income which Part XIII tax was deducted when:

The individual receives Canadian rental income or timber royalties; and

The individual receives certain Canadian pension income.

It may be beneficial to file a Canadian Income Tax Return so that the individual may receive all or some of the Part XIII taxes paid.

Payment to Non-Resident

If the individual is the Canadian Payer to a non-resident, the individual is responsible for withholding and remitting Part XIII tax, and to report the income and withholding tax on an NR4 information return. The NR4 information return is due by the last day of March following the calendar year.

Failure to Deduct – Non Resident Tax Advisor Downtown Toronto

An individual may be assessed a penalty of ten percent of the required amount of Part XIII tax failed to deduct. Repeat offenders may be penalized twenty percent.

Filing a Income Tax Return

An individual must file a Canadian income tax return if you owe tax for the year, previously filed a NR5 form to reduce required taxes withheld, had a taxable capital gain or disposed of taxable Canadian Property or if the individual wants to claim a refund.

Other Forms for Non Resident Individuals and Corporations – Non Resident Tax Advisor Downtown Toronto

NR Forms

NRTA1 – Authorization for Non-Resident Tax Exemption

NR4 – Statement of Amounts Paid or Credited to Non-residents of Canada

NR5 – Application by a Non-Resident of Canada for a reduction in the amount of Non-Resident Tax required to be withheld

NR6 – Undertaking to File an Income Tax Return by a Non-Resident Receiving Rent

NR7-R – Application for Refund of Part XIII Tax Withheld

NR73 – Determination of Residency Status (Leaving Canada)

NR74 – Determination of Residency Status (Entering Canada)

NR301 – Declaration of Eligibility for Benefits (reduced tax) under a tax treaty for a Non-Resident Person

NR302 – Declaration of Eligibility for Benefits (reduced tax) under a tax treaty for a Partnership with Non-Resident Partners

NR303 – Declaration of Eligibility for Benefits (reduced tax) under a tax treaty for a Hybrid Entity

NR601 – Non-Resident Ownership Certificate – Withholding Tax

NR602 – Non-Resident Ownership Certificate – No Withholding Tax

NR603 – Remittance of Non-Resident Tax on Income from Film, Video or Acting Services

R105 – Regulation 105 Waiver Application

Section 216 tax returns

Section 217 tax returns

T1 departure tax returns

T106 – Information Return of Non-Arm’s Length Transactions with Non-Residents

T1287 – Application by a Non-Resident of Canada (Individual) for a reduction in the amount of Non-Resident Tax required to be withheld from income earned from acting in film or video

T1288 – Application by a Non-Resident of Canada (Corporation) for a reduction in the amount of Non-Resident Tax required to be withheld from income earned from acting in film or video

T1131 – Canadian Film or Video Production Tax Credit – Corporation

T1134-A – Information Return Relating to Foreign Affiliates

T1134-B – Information Return Relating to Controlled Foreign Affiliates

T1135 – Foreign Income Verification Statement

T1141 – Information Return in Respect of Transfers or Loans to a Non-Resident Trust

T1142 – Information Return in Respect of Distributions from and Indebtedness to a Non-Resident Trust

T1159 – Income Tax Return for Electing Under Section 216

T1161 – List of Properties by an Emigrant of Canada

T1177 – Film or Video Production Services Tax Credit

T1234 – Allowable Amount of Non-Refundable Tax Credits

T1243 – Deemed Disposition of Property by an Emigrant of Canada

T1244 – Election, Under Subsection 220(4.5) of the ITA to defer the payment of tax on income relating to the deemed disposition of property

T1248 – Information about your residency status

T1261 – Application for CRA Individual Tax Number (ITN) for Non-Residents

T1262 – Part X111.2 Tax Return for Non-Resident’s Investments in Canadian Mutual Funds

T2016 – Part XIII Tax Return Tax on Income from Canada of Approved Non-Resident Insurers

T2023 – Election of Non-Resident Corporation and a Canadian Creditor in respect of loans

T2047 – Agreement in Respect to Unpaid Amounts

T2061A – Election by an Emigrant to Report Deemed Dispositions of Taxable Canadian Property and Capital Gains and/or Losses Thereon

T2062 – Request by a Non-Resident of Canada for a Section 116 Certificate of Compliance Related to the Disposition of Taxable Canadian Property

T2209 – Federal Foreign Tax Credits

T4A-NR – Summary of Fees, Commissions, or Other Amounts Paid to Non-Residents for Services Rendered in Canada

T626 – Overseas Employment Tax Credit

5013-R – Income Tax Benefit Return for Non-Residents and Deemed Residents of Canada

5013-A – Schedule A – Statement of World Income – Non-Residents Canada

5013-B – Schedule B – Allowable Amount of Non-Refundable Tax Credits – Non-Residents of Canada

5013-C – Electing Under Section 217 of the Income Tax Act – Non-Residents of Canada

T2 – T2 Corporation Income Tax Return (Non-Resident)

T2SCH19 – Non – Resident Shareholder Information

T2SCH20 – Part XIV – Additional Tax on Non-Resident Corporations

T2SCH91 – Claims for Treaty-Based Exemptions

T2SCH97 – Additional Information on Non-Resident Corporations in Canada

For further information please call 416-628-7824 press 2 and speak with one of our tax advisors today. Non Resident Tax Advisor Downtown Toronto

Canada Revenue Agency