June 30 Tax Deadline is Looming for Non-Residents

An important deadline is approaching for non-residents with certain Canadian-source income. June 30 is the deadline to file elected returns under Section 216 (pertaining to rental income) and Section 217 (pertaining to Canadian source pension income). There may be significant consequences for missing this deadline as returns received after this date, generally aren’t accepted. Here’s what you need to know:

Vexxit’s online platform brings clients to you. The way we do business has changed these last few years. Remote and hybrid have become the new norm, with professionals trading boardrooms for virtual meetings and networking events for social media introductions. Vexxit has taken this new way of doing business and amplified it, giving accountants a digital platform to offer their services and access customers who need them.

International tax law is very complex and border-hopping can be expensive from a tax point of view.  Newcomers to Canada and immigrants especially need to pay attention, but so do those residents with offshore assets. Be sure you are working with a Tax Services Specialist™ who has graduated from Knowledge Bureau’s Cross Border Taxation Course.

It’s tricky to find silver linings in 2023, as the cost of everything is rising, with the Consumer Price Index (CPI) sitting at 6.3%. Food, fuel and general goods are increasing in price, and unfortunately so is the cost of running a business. However, some businesses are finding that they are thriving in the current environment. For example, some advisors are finding that their businesses are still growing, thanks in large part to high-net-worth clients seeking better service.

Canada has a new tax form due on April 30 and it comes with expensive penalties.  Canada Revenue Agency has just released new form UHT-2900 Underused Housing Tax Return and Election Form to be used by non-resident owners of residential property in Canada.  The new underused housing tax is 1% of the value of any vacant or underuse residential property owned by a non-resident individual or corporation.

What matters is what you keep – after taxes!  That’s critical in the current high inflation, high interest rate environment.  It helps to take a hard look at how well you are using your “tax efficiency potential,” starting with maximizing your RRSP contribution by March 1.  That will help you get a bigger tax refund and more tax benefits when you file your T1. As important, are you making just enough of the qualifying earned income to maximize RRSP advantages in the 2023 tax year? Here’s how to do it, well in advance:

It's a welcome relief from a 40-year high in inflationary pressures in the middle of a frigid winter spell and best of all, it’s tax free.  On January 26, 2023, Manitoba’s Premier, Heather Stefanson, unveiled a $200 million Carbon Tax Relief Fund to help Manitobans cope with the impacts of rising winter costs from food to fuel. But, to get it, a 2021 tax return needs to be filed.