non-resident tax implication

CASE STUDY - Tax Implications for Ontario Corporations with a Non-Resident Principal

In this case study, we outline the potential implications and options for Numbered Co. 1, which is an incorporated Ontario company and selling real property in Ontario, with unconfirmed information if the principal of the company is a resident of Ontario or a non-resident. This may have tax implications which may result in the purchaser requesting a holdback of the sale proceeds.