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
Canadians moving abroad have the option to either continue maintaining their residential ties to Canada or sever them (or most of them) completely. By continuing ties, the obligation to pay Canadian taxes will continue. Similarly, if a Canadian plans to not pay taxes on income earned outside of Canada, they must sever ties with Canada so that they’re no longer
When a Canadian is deciding if they should work abroad for a few years, thought should be given to whether or not they want to continue holding ties to Canada and pay Canadian taxes on worldwide income or sever most of their ties with Canada so that their obligations to pay Canadian taxes are limited only to income earned from
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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