Will Form 8854 Nonresident 2023-2024

Hi, my name is Alan Madden. I'm a Chartered Accountant and an international tax accountant in Toronto and Mississauga, Ontario, Canada. Today's short video is about non-resident tax and rental properties. If you're a non-resident of Canada and you own a rental property in Canada, it's really important that you watch this video. I'm going to tell you everything you need to know about tax for non-residents and rental properties. The first thing you need to know is how to obtain a tax account number. It's really important to get a tax account number because it is used to track your tax filings by the Canada Revenue Agency. If you already have a social insurance number, that will serve as your tax account number. If you don't have a social insurance number, simply call the international tax Services office to obtain one, and they'll issue you a tax account number right over the phone. To find out the telephone number for the international tax services office, simply go to the Canada Revenue Agency's website. The second point that you need to know as a non-resident investor in real estate in Canada is withholding tax. Withholding tax applies at a rate of 25 percent on the rents that you collect here in Canada. So let's take a numerical example. Assume that you are renting a condo and you're collecting a thousand dollars per month on the condominium. The withholding tax will therefore be twenty-five percent or two hundred and fifty dollars for the month. The two hundred and fifty dollars withholding tax must be remitted by the 15th of the following month. So if you collected the withholding tax in January, you'll have to remit it by February 15th. How do you make payment for the withholding tax? Well, this part is easy. Simply...