I have an apartment that is strictly for investment in Missisagua but I do not live in Canada. If I have to pay tax , how do I treat painting and renovation of the appartment?
Section 212 of the Income Tax Act deals with the Non-Resident Withholding Tax. You pay tax based on the gross amount of the rents, at the withholding tax rate between you and the country you live in (the default is 25%, but there have been lower rates negotiated by tax treaty).
Section 217 of the Income Tax Act does allow you to file a tax return and be taxed under Part I of the Income Tax Act instead (as if you were a resident). This option would allow you to claim expenses, and some tax credits. |
