Non-resident property owner
Renting out your Property in Vancouver while living abroad
Thinking to immigrate or return to Vancouver?
Have you considered to purchase a new home earlier and rent it out until you decide to come here?
It is always wise to plan ahead. Although you might be on the other side of the world, we can help you find tenants, check in on your property, coordinate property repairs, home insurance, NR4 monthly remittance to CRA (Canada Revenue Agency) …. Most of all, we’ll give you the peace of mind to live and work comfortably abroad,
Always consult your accountant and lawyer to understand the detailed procedure involved, and how it applies to your case, as a non-residents of Canada.
Social Insurance Number (SIN)
Firstly, you need either a Social Insurance Number (SIN) or an Individual Tax Number (ITN). Social Insurance Numbers are granted to residents/citizens of Canada through application and allow you to invest or work in Canada – including owning a property. Alternatively, those who are not eligible for a Canadian SIN apply for Individual Tax Numbers.
Your Property Manager will need your SIN number before he can represent you for renting your property
Second and perhaps most important is the issue of withholding taxes.
Non-residents who collect rental income are required to pay the government 25% of the income to CRA as a withholding tax. Your Property Manager will arrange it on a monthly basis, by deducting from the gross monthly rent collected.
In addition, the Property manager will have a complete monthly & annual statement produced for you and your accountant for filing your annual tax return to CRA.
What about Home Insurance …
Anyone renting out for a long period of time may need landlord insurance (or called Home-Owner Insurance), which can offer the necessary protections.
If you don’t have any insurance agent, we can always refer you one. We can also arrange the insurance permium be deducted from your rental income collected.
License to Rent …
If your residential property is located in the city of Vancouver, and if you rent it for 30 days or more at a time, you need a rental property business licence.
As your Property Manager, we can help you to arrange for applying for a business license from City of Vancouver, and renew it annually, if you decide to continue the rental.
e-Sign Your Contract Remotely
We fully understand most non-residents are living abroad, they may not be able to visit Vancouver to sign all the necessary document.
No worry, thanks to the technology which allows you to review and sign all the document and contract electronically. An electronic signature can always save you time and costs. More importantly, the e-signature that we adopted is fully endorsed by RECBC (Real Estate Council, BC).
That means, you may e-sign a contract remotely through us, it will be a legal-binding document in the real estate context, and is no different from signing it in person with ink.