Essential Property Management Tips for Non-Resident Homeowners

Our homes are our biggest investments, and their ongoing protection and maintenance are crucial for long-term value. For non-resident homeowners, property management becomes even more critical. Whether you’re unexpectedly relocated or own an investment property from afar, securing a capable property management team is essential.

Key Considerations for Non-Resident Property Management

While most property managers can handle basic maintenance, non-resident homeowners have more complex needs. Your property management team should be equipped to handle these unique challenges.

1. Navigating Tax Obligations

For non-residents, the Canada Revenue Agency (CRA) imposes a 25% withholding tax on gross rent. However, options exist to optimize your tax situation:

  • Have a Canadian agent file an NR6 and remit 25% of net income
  • Complete an NR73 questionnaire to determine non-residency status

Learn more about non-resident tax obligations from the CRA

2. Securing Appropriate Insurance

Ensure your property has the correct type of insurance coverage:

  • Switch to a rented dwelling or rental condo policy for tenanted properties
  • Discuss vacant property coverage with your insurance broker

3. Managing Vacant Properties

For vacant homes:

  • Conduct inspections every 48 hours
  • Remove mail and flyers
  • Maintain heating, lawn care, and snow removal as needed

4. Leasing Your Property

Finding reliable tenants is crucial. When screening applicants:

  • Conduct thorough credit checks
  • Confirm employment in writing
  • Obtain landlord references

The Importance of Professional Property Management

For non-resident homeowners, engaging a professional property management service can provide peace of mind and ensure your investment is well-maintained. When selecting a property manager:

  • Ask the right questions
  • Ensure they understand non-resident homeowner needs
  • Verify their ability to handle emergencies promptly

Contact our experienced property management team to learn how we can protect and maintain your property while you’re away.