Non-resident owners who sell certain taxable Canadian property, such as rental property, have to notify the Canada Revenue Agency (CRA) about the disposition by filing Form T2062 (certificate of compliance). T2062 has to be filed before or within 10 days after the disposition. The penalty for not compliance is $25 per day up to a maximum of $2,500 (minimum $100).
Without a certificate of compliance, the purchaser is required to remit 25% of selling price to the Receiver General for Canada. The purchaser is then entitled to deduct the amount from the purchase price. This may put you in a difficult situation especially if you need the fund to repay your mortgage.
We make the process painless
We provide professional service to help you obtain the certificate of compliance as smoothly as possible. We will prepare the forms and schedules, assist you gather the supporting documents, and represent you to deal with the CRA.
Contact us to make the process painless.