T2062 Form: Professional Filing Services for Non-Resident Property Sales
Selling Canadian property as a non-resident isn't just a regular real estate closing with extra paperwork. Filing the T2062 Form correctly is a legal requirement under Section 116 of the Income Tax Act. Getting it wrong can have consequences as your closing funds stay frozen while the penalties pile up.
Expats and international investors looking for the best cross-border tax accountant Canada has to offer turn to WYCPA to handle their real estate exits properly. Our chartered professional accountants work with sellers, real estate agents, and legal teams to prepare, calculate, and submit the CRA's T2062 Form without the delays that trip up a lot of self-filed applications.
What is the T2062 Form Canada?
When a non-resident sells taxable Canadian property, the buyer’s lawyer is required by law to hold back up to 50% of the gross sale proceeds, unless a clearance letter is already in hand. The T2062 Form Canada, formally called the Request by a Non-Resident of Canada for a Certificate of Compliance Related to the Disposition of Taxable Canadian Property, is what gets you that clearance. It’s how the CRA calculates the actual capital gains tax owed on the sale.
Once it’s processed, the CRA issues a Certificate of Compliance Canada (Form T2068). That certificate is what tells the escrow agent to release your withheld funds and it’s the difference between being taxed on your net profit versus your entire gross sale price.
Who Must File the Section 116 T2062 Application?
Section 116 compliance applies to any non-resident individual or entity selling Canadian assets. We regularly file for:
- Expat Property Sellers: Former residents selling a Canadian home or vacation property
- Foreign Real Estate Investors: International investors divesting commercial or residential holdings
- Estate Executors: Non-resident executors, liquidating taxable Canadian property for an estate
- Corporate Entity Asset Holders: International corporations or trusts divesting Canadian capital property
Why Timing and the 10-Day CRA Rule Matter
With T2062 filings, waiting costs you money. Here’s why T2062 form filing must happen on time:
- The 10-Day Statutory Deadline: Form T2062 has to reach the CRA within 10 days of closing. Miss it, and you're into automatic penalties.
- Cutting Down Escrow Time: The CRA can take months to issue a Certificate of Compliance. Filing before closing, rather than after, is usually what keeps your money from sitting frozen for longer than it needs to.
- Getting the Capital Gains Math Right: Our T2062 tax services exist to stop rejections before they happen, by making sure your adjusted cost base, structural additions, and selling expenses are calculated exactly the way the CRA expects.
Speak to a Section 116 Tax Accountant Now
What's Included in Our T2062 Tax Services
Filing a clean compliance package means gathering solid proof of the transaction. We handle:
- Residency Audits: Documenting your departure and tax status timeline for the CRA
- Gain Calculations & Outlay Adjustments: Making sure your write-offs and improvements are accounted for, so you're not overpaying on capital gains
- Package Compilation: Completing Form T2062 along with the land titles, purchase agreements, and sales contracts, the CRA requires
- Legal & Escrow Coordination: Working directly with your real estate lawyer on the funds held in trust while the CRA processes your file
- Final Non-Resident Return Preparation: Filing your year-end return so any excess withholding gets recovered
Why Choose WYCPA for Your Property Sale?
35+ Years of Canadian Tax Experience
We are experts in Section 116 filing
Non-Resident Focus
We know how the CRA's international tax processing units actually operate
Remote-Friendly Process
We offer secure digital onboarding, wherever you're based
Full Cross-Border Coverage
We cover every tax planning service from departure tax planning through to estate distribution
Release Your Escrowed Funds
Don’t let non-resident withholding rules freeze up your property equity longer than necessary. Get your funds released, meet your CRA obligations, and close out the cross-border side of the sale properly.
Book Your Strategic T2062 Form Consultation With WYCPA
FAQs
If you miss the 10-day post-closing deadline, the CRA charges $25 a day in late-filing penalties, up to $2,500 per sale.
It can take CRA anywhere from a few weeks to several months to issue the Certificate of Compliance, depending on their queue and workload. Filing early, ideally before closing, is the best way to shorten how long your funds sit in escrow.
The sale itself usually still closes, but the buyer's lawyer won't release your 25-50% until the actual Certificate of Compliance arrives from the CRA.