Vancouver Chartered Public Accountants Explore How Rental Income Can Impact Non-Residents When It Comes to Taxes

/EINPresswire.com/ -- VANCOUVER, BC--(Marketwired - May 27, 2016) - Mew + Company, a firm of chartered professional accountants in Vancouver, recently published a blog that lists six key factors that non-residents need to consider when dealing with rental income. For more information, go to http://www.mewco.ca/blog/non-residents-canadian-rental-income-vancouver-accountants/

The blog begins by acknowledging how many Canadians live abroad, but choose to invest in rental property in major Canadian cities like Vancouver because it is a choice asset. The same applies to non-Canadians who have invested in Canadian property.

However, for the purposes of taxation, both types of taxpayers are considered non-residents. Although net rental income is relatively simple to calculate, the tax rules for non-residents can become quite complex.

For example, a non-resident earning rental income is subject to Part XIII tax under the Canadian Income Tax Act on 25% on the gross rent collected. Alternatively, a non-resident can elect to file under the Part I Rule in the Canadian Income Tax Act. Under the Part I Rule, allowable rental expenses can be deducted against rental income. Also under a Part I Rule filing, a non-resident would benefit from the progressive tax rate implicit within the Canadian tax system.

The blog lists four other points, which includes reminders to check for filing deadlines and late penalties. Because the rules for non-residents with rental income can quickly become convoluted, the blog recommends consulting with a knowledgeable chartered professional accountant who can help you adhere to the relevant tax laws, while clarifying confusion and maximizing your tax benefits.

As experienced accountants and tax advisors, the professionals at Mew + Company can address all your tax related issues, including how to minimize penalties in the event of failing to meet a deadline or pay remittance.

About the Company

Mew + Company, Vancouver is an ideal solution to the taxation problem. With a simple philosophy of building long-lasting customer relationships, the company has been serving corporate clients in a variety of fields -- including restaurants, real estate, retail, and the service industry. Investing in their specialist services will undoubtedly be fruitful for all kinds of clients.

To learn more about Mew + Company and discuss their services, log on to http://mewco.ca/

Lilly Woo, CPA, CA, CFE, CFP
Mew + Company Chartered Professional Accountants
604 688 9198
Company Website: http://www.mewco.ca

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