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".
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How to Know if You're in a Non-Resident Tax Bracket?
Many people are confused about their status in Canada and what type of tax applies to them. For example, do they come under the non-resident taxes in downtown Toronto or not?
According to Canada Revenue Agency (CRA), you have to fall into the non-resident tax bracket if you:
- Typically, customarily, or routinely live in another country and are not considered a resident of Canada; or
- Do not have significant residential ties in Canada; and
- You live outside Canada throughout the tax year; or
- You stay in Canada for less than 183 days in the tax year.
Our Consulting Services for Taxes for Non-Residents in Downtown Toronto
- Find out the residency status of an individual or corporation
- Support your Canadian Lawyer with non-residency matters
- Create a GST/HST account or payroll account for you
- File an NR5 application if needed
- Submit an NR6 form for rental properties to remit non-resident tax based on Net Income and not Gross Rents
- Acquire an Individual Tax Number (ITN) or Non-Resident Tax Account Number (NR) or Business Number (BN) as required
- Acquire the Certificate of Clearance from Canada Revenue Agency
- Submit a Non-Resident Tax Return as required
Real Estate Tax for Non-Residents
Like any other commodity, real estate in Canada is also taxed. You could find out all about the tax implications and all about the selling and purchasing of real estate in downtown Toronto, or you could consult the top accounting firm in downtown Toronto for all your taxes for non-residents information and knowledge.
Non-Resident Speculation Tax (NRST)
Now, suppose you are not a citizen of Canada but have permanent residence here, or you are a foreign corporation or a taxable trustee. In such a case, you will have to pay a Non-Resident Speculation Tax (NRST) on any residential property that you purchase. But we know all about the various exemptions and rebates that you can benefit from. We will help you find out if you qualify for any of them. For example, if a Canadian citizen is involved in the purchase, it could get you an exemption. That is why partnering with a taxation and accounting firm is in your best interest. We know all the ins and outs of Taxes for Non Residents in Downtown Toronto, and we help you take full advantage of them.
Land Transfer Tax (LTT)
Another tax that you will have to deal with is the Land Transfer Tax in downtown Toronto. It is the same for both Canadian citizens and foreigners. However, if you are a first-time home buyer and you want to use the property for your own residence, you can get a rebate in this tax.
Other taxes you will need to pay in downtown Toronto are the property tax and the income tax.
If you are a non-resident in downtown Toronto, you will have to deal with a 25% non-resident withholding tax. It is calculated as a percentage of your property’s sale value. The entire process has a few forms that you will need to fill and follow a specific procedure. If you don’t do that, you will incur penalties for non-compliance. That is where our taxation and accounting firm comes to your rescue. We make sure that all your forms are filled accurately and submitted timely. We also know how to follow the procedure, and we do it on your behalf.
Withholding Taxes
As a non-resident, you will also have to pay 25% of your gross rent. This tax is due no later than the 15th of the following month. For example, you will pay January’s withholding tax latest by the 15th of February and so on. When you work with a tax and accounting firm like GTA Accounting, we tell you how to minimize your taxes and save your money. If you file the proper documents and find a Canadian agent who can speak in front of the CRA on your behalf, you can minimize your withholding tax.
We will make sure that you minimize your withholding tax and submit the tax no later than the last date. This will save you from the penalties that you might have incurred otherwise.
NR4 Tax Slips
As a Canadian, you receive the year-end T4. The T4 is your tax deduction and gross income summary. The NR4 is the same as the T4. The only difference is that you will need a tax agent, like GTA Accounting, to file it for you. It will report all your gross income and the withholding tax that you have paid for the year. The NR4 has to be submitted no later than the 31st of March of the following year. So, for example, you have to submit the NR4 for 2020 by the 31st of March 2021.
Non-Resident Tax Returns
This is the last step of taxes for Non Residents in Downtown Toronto. This is where you report your actual income and expenses. If you have already paid your withholding tax, you will be applicable for a refund. But if you haven’t paid the complete withholding tax, you will owe the balance as per your tax returns calculations. This has to be done by the 30th of April. As a tax and accounting firm, we will make sure that all your withholding taxes are paid and that you file your tax returns accurately and timely. Our clients depend on us to save their money and save them from any penalties, and we always deliver.
We represent many Canadians and Foreign Canadian residents as their tax agents. We offer a complete range of tax solutions to all our customers. As taxes for non-residents in Downtown Toronto is a very specialized segment, not every accountant or accounting firm offers that. GTA Accounting provides its clients peace of mind when it comes to Canadian tax obligations.
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.
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