At TKm we have a diverse portfolio of clients, which include 25% of non- residents of Canada. If you are currently living outside of the country and require a qualified property management company to look after your Canadian investment portfolio, we are glad to help. Our skilled team will guide you through the complexities surrounding the tax implications for your property at an affordable rate of only 6% per month ( plus hst).
What is a non resident?
The Canada Revenue Agency, classifies persons that normally, customarily or routinely live in another country not to be residents of Canada. This includes people who do not have significant residential ties in Canada, live outside Canada throughout the tax year, or stay in Canada for less than 183 days in the tax year. If you are still uncertain of your status you can fill out a Nr73 Questionnaire to determine your residency status. It can take up to two months to receive a response from the CRA , so be certain to do this promptly.
If I am a non resident, what are the tax implications?
If you are deemed as a non resident, we are required to hold back 25% of gross monthly rent and remit it to the CRA. There are ways to minimize this hold back, so either check with a professional accountant or a Turnkey Property Management agent and see how we can help.Management Services
Living out of the country can make monitoring your condo difficult. We are happy to provide the following services to better help you while you are abroad.
- 24 Hour maintenance line for your tenants
- Diligent rental collections
- Direct rental deposits into your account
- Monthly accounting reports
- Complete condominium insurance
- Maintenance coordination and follow up
- Move-in/ Move- out inspections
- Lease renewals
- Compliance issues
- Tenant inquires/requests
- Access to paralegal
Ensuring your condo is not only well managed but tenanted is our number one priority at Turnkey Property Management. Our outstanding leasing services, will ensure that you have the maximum rent and a qualified tenant.
- Price: One month’s worth of rent plus hst
- MLS listing with exposure to Toronto Real Estate Board Agents
- Feature sheet
- In house marketing ( website and window display)
- Through tenant screening (credit, employment and reference checks)
- Open houses
Useful Forms for Download