Author: Gerardo Breazea

Every year, thousands of non-residents with rental properties in Canada face a crucial deadline. File your Section 216 return properly, or risk losing a portion of your hard-earned rental income to penalties and interest. The process may look intimidating at first glance, but the real cost lies in missed details and misunderstood rules.Understanding Section 216 and Its Importance for Non-ResidentsWhat Is a Section 216 Return?Section 216 of Canada’s Income Tax Act offers non-resident property owners a way to potentially reduce their tax on Canadian rental income. Rather than paying a flat rate on gross income, Section 216 allows you to…