Canadian Non-resident Owner Of An Investment Property
Being an investment property owner living abroad can be complicated. Whether you recently moved abroad for work or family, or you’re a investor already living abroad who sees investment properties in Canada as a solid investment, you need to ensure that your interests in Canada are being well-looked after.
And things can get complicated. There’s tax issues, insurance issues, inspections, and, possibly, such matters as property maintenance, rent collection or tenant selection. Property Management Toronto can help you maximize your investment, while ensuring you remain within the law at all times, and that your property remains in tip-top shape at all times.
When it comes to taxes, for example, Property Management Toronto can help you with all Canada Revenue Agency requirements. As your Canadian representative, we will file 25 percent of your rental income each month with the CRA as mandated by law. Remember that violating this requirement could result in a hefty fine.
Property Management Toronto will also ensure that you have the proper insurance in place for your property. This could be especially important if you recently moved abroad and decided to rent out your property in your absence. If your original “homeowner-occupied” policy remains in place, your insurance company could refuse to pay out any claims if the property is occupied by a tenant. Property Management Toronto will make sure that such necessary changes are made, without adding to your worries. And, of course, there are the physical basics to be taken care of. You want to make sure that your property remains in good condition, especially if it’s temporarily vacant. And since you’re abroad, that entails having somebody on the spot who can regularly check on the condition of your property, and can make sure that mail pick-up, snow clearance, lawn maintenance and any necessary repairs are all
carried out, and that, in winter, the heating is functioning optimally.
Being a non-resident investment property owner also leads to specific difficulties if you’re seeking a new tenant for your property. Property Management Toronto specializes in finding ideal tenants for investment properties. And because you won’t be there to conduct such routine reviews as credit and employment checks, conversations with previous landlords or reference checks, let alone crucial in person meeting to show the property, Property Management Toronto can take on those responsibilities. And when a tenant is selected, Property Management Toronto will be present to deal with routine or emergency maintenance and requests.
Property Management Toronto has a long list of satisfied owners – living both in Toronto and abroad – and happy tenants. We can help make that marriage of owner and tenant work for everybody. If you’re living abroad, and especially if you’ve recently moved there, the last thing you probably want to do is to have to worry about what’s happening with your property in Toronto. PMT can solve all those problems for you, ensuring that your investment income continues to flow, that your tenant is happy and that the Canadian Revenue Agency has no reason to look twice at you. Leaving you free to enjoy a worry-free life.