Taxes for Non-Residents in Mississauga

GTA Accounting has provided taxes for non-residents in Mississauga
for many years. Let us help you maximize your tax returns.

How to Know if You're In a Non-Resident Tax Bracket?

People are a little ambiguous about their status in Canada. Do they fall under the category of Non-resident taxes in Mississauga or not? You fall into the non-resident tax category, according to the Canada Revenue Agency (CRA), if you:

  • You usually live in another country and are not considered a resident of Canada.
  • No residential ties in Canada
  • You do not come back to Canada throughout the tax year.
  • You tend to stay in Canada for 183 days in a tax year.

Filing Non-Resident Taxes in Canada

Like any other country, people have to pay taxes in Canada. There are multiple factors involved in paying the taxes. For instance, different provinces have different taxes, and your location would determine your tax. For example, your taxes in Ontario would be different if you were residing or operating your business in Alberta, Quebec, or any other province.

Secondly, how much income you have declared from the sources. Your tax bracket is determined by your "taxable income," which is your total income minus any tax deductions you may be eligible for. To put it another way, it's your net income after you've deducted all of your allowable expenses. To know more about how much tax you have to pay as a non-resident, you can contact GTA Accounting, the top accounting firm in Mississauga, which will guide you throughout the entire process.

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Steven Matos is a Chartered Professional Accountant at GTA Accounting, a Toronto-based accounting firm with offices in Toronto, and Mississauga. The firm touts a high 5-star Google rating and has been selected by Clutch for service awards two years in a row.

Because of Steve's business background, he is able to pair bookkeeping and tax services with management consulting providing an edge over other similar accounting firms. Offering affordable rates, GTA Accounting works with small business owners and large companies with over $40 million in annual gross revenue.

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Non-Resident Speculation Tax (NRST)

When you are not a citizen of Canada, but you have a permanent residence here, or you are a foreign corporation or a taxable trustee. If that's the case, then you'd have to pay the non-resident speculation tax (NRST). It would apply to the residential property you purchase. But the good news is that you might be eligible for the rebates and different exemptions from the taxes. Here at GTA Accounting, we know the complete detail about the taxes and will help you minimize your tax where applicable. That is why it would always work in your favour and benefit you if you work with an accounting firm.

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Land Transfer Tax (LTT)

Now, this is another tax that is the same for both Canadian citizens and foreigners. You have to pay this tax when you purchase the property in the province of Ontario. However, you can save your money by getting a rebate if you buy it for the first time. As a result, you'd get a refund of $4000, but there is a criterion for being eligible for LTT.

  • Be At least 18 years old
  • You must occupy the home as your principal residence within nine months of the date of transfer
  • You shouldn't have owned any other home.
  • Your spouse shouldn't have owned a home as well.

Why Choose GTA Accounting?

Every year in Canada, legislators tweak and twist financial laws, leaving the average individual and business owner at a loss when faced with making financial decisions. We stay on top of new financial and tax laws on your behalf and offer custom made tax accounting and financial advice to help you and your business develop budgets and set financial goals. Still not convinced about what makes us a professional accounting firm? Read further below:

Withholding of Non-Resident Taxes

You will additionally have to pay 25% of your gross rent as a non-resident. You have to pay this tax by the 15th of the following month. For example, you must pay January's withholding tax by February 15th, and so on. When you engage with a tax and accounting firm like GTA Accounting, we'll show you how to save money and decrease your taxes. You can reduce your withholding tax if you file the correct documentation and hire a Canadian agent to represent you in front of the CRA.

We'll make sure you pay the least amount of withholding tax possible and submit it before the deadline. This will prevent you from any penalties that could otherwise have been imposed.

NR4 Tax Slips

As a Canadian, you will receive your T4 at the end of the year. The T4 provides a summary of your tax deductions and gross income. The T4 and the NR4 are the same things. There is just a single difference that you need a tax professional to file it for you, such as GTA Accounting. It will report all of your gross income and any withholding taxes you paid during the year. The NR4 must be completed and filed by March 31st of the following year. For instance, you want to submit the NR4 for 2021; it should be done by March 31st, 2021.

Non-Resident Tax Returns in Mississauga

Here you have to report your actual income and expenses, and this is the last step of taxes for Non-Residents in Mississauga. This is where you report your actual income and expenses. You may be eligible for a refund if you have already paid your withholding tax. However, if you haven't paid the whole amount of withholding tax, you'll repay the difference according to your tax return calculations. This must be completed by April 30th. We will ensure that all withholding taxes are paid and that your tax returns are filed appropriately and on time; as a tax and accounting firm, our customers rely on us to save them money and keep them out of trouble, and we always deliver.

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