Under the C-8 Act, the Government has implemented a 1% annual tax on the fair market value of “underused residential property” owned by non-resident, non-Canadians. For instance, a home bought for $1,700,000 in 2018 with a current fair market value of $2,000,000 will incur a $20,000 tax.
T106 Information
The T106 form is an annual information return required for corporations in Canada to report non-arm’s length transactions with non-residents, particularly for transactions exceeding $1,000,000. What is the T106 Form? The T106 form is an information return that corporations must file with the Canada Revenue Agency (CRA) to disclose their non-arm’s length transactions with non-residents….
