Canada Relocation Tax Help.com | Non-Resident, Rental Property, Canadian Income Tax Return Services

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www.canada-relocation-tax-help.com Resident of Canada Immigrant You are a resident of Canada for income tax purposes when you established residential ties within Canada. They are usually established when • Someone who has applied for or received permanent resident status from Citizenship and Immigration Canada • Someone who has received approval-in-principle from Citizenship and Immigration Canada, to stay in Canada • Someone in need of protection But they also can include: • A home in Canada • A spouse or common-law partner and dependants who move to Canada to live with you • Social ties in Canada Rental Property Tax Implications If you leave Canada and rent a Canadian property, there are various tax implications. For rental properties, you need to complete various forms to comply with reporting requirements, otherwise this could impact on withholding tax requirements. When a property is sold, numerous forms need to be completed. If the correct forms are not filed on time, this can lead to significant interest and penalties. Deemed Disposition There may be a situation when a deemed disposition may occur when you emigrate. This is when certain investments are deemed to be sold at the market value at the date of emigration. The consequence of this may lead to capital gains and recapture of capital cost allowances. Canada Relocation Tax Help.com | Non-Resident, Rental Property, Canadian Income Tax Return Services Gary Booth CA Professional Corp. Suite 406 – 555

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