What You Need to Know About Non-Resident Tax (NR4)

Did you know that anyone owning real estate in Canada, who is classified as a non-resident of Canada as defined by the Income Tax Act of Canada, must pay Non-Resident Tax on gross revenues received from the rental property.  Generally this amounts to 25% of the total gross rents received from rental properties, although exemptions and lower rates may apply depending on your situation. How you can you ensure you are getting the best return from your rental investment if you are a non-resident? Filing non-resident tax (NR4) At RE/MAX of Nanaimo Property Management we will make the monthly remittance…

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