Serbinski Accounting Firms

Thanks for the information. You have been a great help!!!

And just to get your response straight, the CRA charges witholding tax of 25% per month as well as an additional 22% at the end of the year?

From your experience, what is the likelihood of CRA reducing the witholding tax to 25% net ?

Also, if i don't make any profit off the rental (maybe even have to pay a bit out of pocket), do i have to pay the taxes at the end of year or is there an oppurtunity to get a return?

Thanks Nelson.

From what I understand, the rate/amount to set aside for CRA is 25%. Is that correct? Is the percentage calculated on the full rental payment or only on the profit (after mortgage payments)?

Thanks again

Thanks. I'm fairly new to this...assume I leave in April or May, would that mean my final tax return in Canada would be the following year? If so, how does the actual taxation work? Do I pay taxes in Canada for the beginning of the year (jan to april or may) and then pay taxes in the states for the ...

Hi, I am a Canadian citizen who owns property (in Canada) and was offered a job in the US. My plan is to rent out the Canadian property. It is my first year of home ownership and I took advantage of the Home Buyers Plan for which I have not started repaying yet. Since i will still own the property (...