What is NR6?
NR6 is a government form undertaking to file a Canadian Tax Return within 6 months of the year end.
2 Ways to pay non-resident tax on rental income:
1/ Pay 25% of gross rental revenue (ie before any expenses) to Revenue Canada and file a tax return a year after to claim back overpaid amount.
2/ Forecast the upcoming year's net income and remit only 25% of the net income (instead of gross income) to Revenue Canada. Then after the fiscal year ends, settle any difference with Revenue Canada by filing a Canadian Tax Return within 6 months of the year end.
A NR6 form (undertaking to file a Canadian Tax Return) has to be completed by non-residents or their agent.
NR6 is a government form undertaking to file a Canadian Tax Return within 6 months of the year end.
2 Ways to pay non-resident tax on rental income:
1/ Pay 25% of gross rental revenue (ie before any expenses) to Revenue Canada and file a tax return a year after to claim back overpaid amount.
2/ Forecast the upcoming year's net income and remit only 25% of the net income (instead of gross income) to Revenue Canada. Then after the fiscal year ends, settle any difference with Revenue Canada by filing a Canadian Tax Return within 6 months of the year end.
A NR6 form (undertaking to file a Canadian Tax Return) has to be completed by non-residents or their agent.
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