non resident

Non-Resident Beneficiaries and Canadian Real Property: Canada’s hot housing market can increase the work of estate executors

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Distributions from the estate of a Canadian resident to a non-resident can give rise to additional compliance obligations under section 116 of the Income Tax Act where the estate owns Canadian real estate.  The need for such a clearance certificate is determined based on the value of real estate held by the estate in relation to the total residual value of the estate. Given the current boom in the Canadian….

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Uncategorized

TFSA’s and Non Resident Penalties – An Update

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A couple years ago, one of my blog colleagues wrote on the residency rules regarding tax free saving accounts (TFSA’s). Generally, as an owner of TFSA, if you leave Canada, the accumulated funds may remain in the TFSA without Canadian tax consequences. You can’t make any further contributions but you can make withdrawals. The penalties for not abiding by the non-residency contribution rules are severe – essentially 1% per month….

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Canada Revenue Agency, International, Investments, Liability, Tax Issues, Uncategorized
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