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Non-Resident Owner InformationFor Non Resident Owners:Are you a non resident? Please review the CRA website for the requirements for being considered a resident of Canada: http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html We are not tax consultants, if you have questions pertaining to your status, they should be made to your accountant (we can provide a list for you) or the CRA directly. The non resident tax is currently set at 25% of net income which is favourable. All non resident owners are required by the Canadian Government to obtain either a Social Insurance Number (SIN) or an International Tax Number (ITN). Our accounting office will send you the online forms for application or download here: http://www.cra-arc.gc.ca/E/pbg/tf/t1261/README.html It takes approximately six weeks to process an ITN number. We cannot pay any funds to a non resident owner without either of the above. The Canadian Government requires that a non resident pay 25% of the GROSS rent remitted monthly unless the Managing Agent is prepared to co-sign an NR6 form. Without an NR6, Owners' file their annual taxes and deduct expenses from revenue and may get a refund annually. The NR6 (may only be applied for by the person who COLLECTS the rent) is a statement of projected revenue and expense of the property which enables the Non Resident to take advantage of the deduction on a monthly basis...which helps their cash flow. This is granted providing the managing agent assumes liability for the owner's taxes When approval of the NR6 is granted, the owner is only requred to pay 25% of the NET income from the rent on a monthly basis NR6 Deductions include: mortgage interest, strata fees, management fees, repairs and maintenance etc. Downtown Suites Ltd. does this as a favour for our clients, as we assume liability for the Owners' taxes should they not file. We will sign the NR6 PROVIDED the Owner agrees to file and sign a letter of engagement enabling our controller to file on their behalf should they not do so themselves. Without this letter, CRA will not discuss the file with us or advise if taxes have been filed. We require all Owners to provide us with a copy of their tax remittance by May 31 of each year, failure to do so will result in us AUTOMATICALLY filing for the Owner and the fee is $500 + HST for this service We provide annually a NR4 statement of income for clients for their tax filing. We charge $30 per month for non residents to pay the required monthly remittance, file necessary paperwork and liaise with the Canadian Revenue Agency (CRA) . All our fees are tax deductible and subject to HST When you sell your investment, the Canadian government levies a 25% Capital Gains Tax on your profit. All management and related fees to Downtown Suites Ltd. are deductible against your Capital Gains For more information, please review the CRA website: http://www.cra-arc.gc.ca/tx/nnrsdnts/menu-eng.html
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Vancouver Property Management | Downtown Vancouver Condos | Coal Harbour Condos | Vancouver Apartments for Rent | Vancouver Furnished Apartments | Real Estate Resources | Vacation Rentals Vancouver BC
Buildings we work in: Spectrum One: 111 West Georgia | Spectrum Two: 668 Citadel Parade, Vanouver, BC Spectrum Three: 131 Regiment Square | Spectrum Four: 602 Citadel Parade, Vancouver, BC Harbour Green One , Harbour Green Two, Woodward's, The Garage,The Foundry,Pure, The Fairmount The Alvar, Alda, Aqua, Abbott Place, Admiralty, Avila, Alberni Place, Anchor Point, Aquarius Mews, The Aquarius, 1199 Marinaside Crescent, Alexandra Place,The Alexander, Alexis, Azura 1, Azura 2, Altadena, Bauhinia, The Bidwell, The Bayshore, 1777 Bayshore, 1717 Bayshore, 1710 Bayshore, 1790 Bayshore, 1650 Bayshore, 1616 Bayshore, 1680 Bayshore, Brava, Bowman, Broughton Terrace, Bentley, Captain French, Carina, Callisto, Californian, Capital, Classico, Cooper's Park, Chinatown East, Cristalys, Coopers Landing, Creekside, Cielo, Citycrest, City Gate 1, City Gate 2, Carrall Station, Carylyle, Concorde, The Canadian, Cascina, Century Tower, Crestmark 2 , Crandall, Columbus, Conference Plaza, Coral Garden, Connaught Place, Discovery, Denia, Domus, Donovan, Dockside, Erickson, Emerald West, Eight.one.nine., Escala, Ellington, Espana, Electra, Electric Avenue, Elan, Eden, Europa, The Edge, Fusion, Freesia, Flagship, Fairmont, Firenza, The 501, Grace, Governors Tower, Galileo, Greenshields, Green Tower, Greenwich Place, The George's Place, The Grafton, The George, Genesis, L'Hermitage, H& H, Hudson, Hooper, Harbour Cove, Harbourside Park, King's Landing, Koret Lofts, Iliad, Imperial Tower, The Icon, Jardines Lookout, Jervis Court, Lakeview Court, Lumiere, London Place, Landmark, Landmark 33, L'aria, The Left Bank, The Lions, Liberte, LTD, Madison, The Malkin Building, Marinaside Resort, Mayfair House, Max 1, Max 2, Miro, MoDe, Mondrian, Metroliving, Murchies Building, Mission, Milano, House, Metropolis, The Montreux, The Melville, Nova, New Yorker, One Wall, Orca Place, The Oscar, Palisades, Paramount Place, Parkview Gardens, Pacific Plaza 1, Pacific Plaza 2, Pacific Point, Palais Georgia, Paris Place, The Park, The Pointe, Point Claire, The Pinnacle, Pomaria, Portofino Towers, Precidia, Pure, Quaywest, Robson Palais, Robson Gardens, Robinson Tower, Raffles, Rosedale, R&R, The Sapphire, Shaw Tower, Smart, Space, Shangri La, The Spot, The Savoy, The Skyline, Station Place, Sussex, Terminus, Tribeca Lofts, TV Towers, Van Horne, The Verona, Qube, Residences on Georgia, Spectrum, Shaughnessy Mansions, Seastar, The Sterling, The Taylor, Yaletown Park, Venus, 1010 Howe, Viceroy, Victoria, Vita, Wall Centre, Waterworks, Xtraordinary Lofts, 1000 Beach, Yacht Harbour Point, 888 Beach, West One, The Vine, Woodwards Building |