T2062 Certificate of Compliance processing time?
Moderator: Mark T Serbinski CA CPA
T2062 Certificate of Compliance processing time?
Does anyone have any recent experience with the CRA's processing time for a T2062 certificate of compliance for the sale of a house by a non-resident? I filed in late September 2021 and it has not been processed yet, after 5 months. I did receive a "Comfort Letter" about a week after submission, confirming receipt of the application and permitting the withheld funds to be held in trust by our attorneys indefinitely, pending the CRA review. So I have no indication that there is anything wrong other than the fact that 5 months have passed. Does anyone have experience that would indicate whether 5 months is normal; perhaps slow due to COVID? Appreciate any input.
Re: T2062 Certificate of Compliance processing time?
well, now would the time to actaully file your 2021 tax return, using whatever you paid as a credit towards taxes owed (if any). No need to wait for certificate at this point.
You met the requirements of a non-resident seller.
I will say that even a simple "non-return" submission is taking at least twice as long as it was even 5 months ago.
You met the requirements of a non-resident seller.
I will say that even a simple "non-return" submission is taking at least twice as long as it was even 5 months ago.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: T2062 Certificate of Compliance processing time?
Thanks nelsona for the comment.
The withheld funds didn't go to the CRA: they are in my attorney's trust account, pending issuance of the certificate. The expectation is that 100% of the funds will be released directly to me, because the property in question qualified for a full personal residence exemption on capital gains. So the CRA should never see any of these funds. Even if I filed my tax return today, I don't think that would necessarily trigger the CRA to instruct my attorney to release the withheld funds.
I'm wondering if I should get my attorney to send the money to the CRA, because at least then I could do as you suggest, and file my tax return to hopefully trigger a refund. But that has potential to cause confusion, with no guarantee that I'd get my funds sooner than if I just wait for the CRA to finish processing the T2062.
Still hoping someone may chime in with info about recent T2062 processing times, to help gauge whether my particular case is normal or not.
The withheld funds didn't go to the CRA: they are in my attorney's trust account, pending issuance of the certificate. The expectation is that 100% of the funds will be released directly to me, because the property in question qualified for a full personal residence exemption on capital gains. So the CRA should never see any of these funds. Even if I filed my tax return today, I don't think that would necessarily trigger the CRA to instruct my attorney to release the withheld funds.
I'm wondering if I should get my attorney to send the money to the CRA, because at least then I could do as you suggest, and file my tax return to hopefully trigger a refund. But that has potential to cause confusion, with no guarantee that I'd get my funds sooner than if I just wait for the CRA to finish processing the T2062.
Still hoping someone may chime in with info about recent T2062 processing times, to help gauge whether my particular case is normal or not.
Re: T2062 Certificate of Compliance processing time?
I would NOT have the money sent to CRA, if it is not required. (You think the certificate is taking a long time, imagine getting your money back AFTERWARDS! You can always call the office that handles these.
The proceeds are supposed to go from the buyer to you.
File your taxes, and this will provide the ONLY proof you need that you owe not taxes. The certificate doesn't replace the tax return, particularly for principal residence exemption.
The proceeds are supposed to go from the buyer to you.
File your taxes, and this will provide the ONLY proof you need that you owe not taxes. The certificate doesn't replace the tax return, particularly for principal residence exemption.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: T2062 Certificate of Compliance processing time?
I have always received approval within the promised time frame! The normal processing time for a CRA is 4 to 6 weeks. It may take longer if the CRA does not have all your tax invoices from your employers and other income certificates. Feel free to consult with different attorneys! But of all the lawyers, I know only [url=https://bsmlaw.com.au/drink-driving-law ... ollongong/] bsmlaw.com.au [/url] ! They solve DUI cases! The attorney's status should be marked as "active ."If a citizen is not included in the regional register of lawyers or has another status, they cannot practice as a lawyer. The status of a lawyer is valid throughout the country. A lawyer must be registered with a bar association, bureau, office, or legal consultation.
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Re: T2062 Certificate of Compliance processing time?
I have always received approval within the promised time frame! The normal processing time for a CRA is 4 to 6 weeks. It may take longer if the CRA does not have all your tax invoices from your employers and other income certificates. Feel free to consult with different attorneys! But of all the lawyers, I know only https://bsmlaw.com.au/drink-driving-law ... ollongong/ ! They solve DUI cases! The attorney's status should be marked as "active ."If a citizen is not included in the regional register of lawyers or has another status, they cannot practice as a lawyer. The status of a lawyer is valid throughout the country. A lawyer must be registered with a bar association, bureau, office, or legal consultation.
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Re: T2062 Certificate of Compliance processing time?
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Re: T2062 Certificate of Compliance processing time?
Old post but hoping to hear from OP bob987 if you finally received a reply from CRA and how long it took?
I submitted exactly the same as you in February 2022 and am now over 8 months with no reply yet. Hoping to hear soon but wondering if you might share your feedback.
Thanks!
I submitted exactly the same as you in February 2022 and am now over 8 months with no reply yet. Hoping to hear soon but wondering if you might share your feedback.
Thanks!
Re: T2062 Certificate of Compliance processing time?
Hi emmanuel_cv: sorry I didn't log in for a long time so I just saw your post now.
The certificate of compliance was finally issued on April 4, 2022, almost 27 weeks after original submission. A couple of days later my attorney released the funds.
I did contact the CRA by phone March 1, 2022 to see if I could find out anything about status. The person I spoke with was very polite but indicated they had a large backlog and she was unable to give me any estimate about when to expect processing to be completed. She suggested calling back if I hadn't heard from them in another 6 weeks. Fortunately they issued the certificate 5 weeks later.
Based on your post, it sounds like the backlog situation got even worse! Hope your certificate got issued eventually!
The certificate of compliance was finally issued on April 4, 2022, almost 27 weeks after original submission. A couple of days later my attorney released the funds.
I did contact the CRA by phone March 1, 2022 to see if I could find out anything about status. The person I spoke with was very polite but indicated they had a large backlog and she was unable to give me any estimate about when to expect processing to be completed. She suggested calling back if I hadn't heard from them in another 6 weeks. Fortunately they issued the certificate 5 weeks later.
Based on your post, it sounds like the backlog situation got even worse! Hope your certificate got issued eventually!