⚠️ The 10-Day Strict Filing Deadline:
You must submit Form T2062 to the CRA **no later than 10 days after the actual date of closing**. Late filing results in an automatic penalty of **$25 per day**, up to a maximum of **$2,500 CAD**.
T2062 Capital Gains & Withholding Calculator
Estimate your tax savings by comparing withholding with vs. without a CRA Certificate of Compliance:
Steps for a Successful T2062 Filing
Because the CRA takes 3 to 6 months to process Certificate of Compliance applications, non-residents must follow these structural steps:
- Prepare Supporting Documentation: You must attach the original purchase agreement, the closing statement (HUD/statement of adjustments) from the purchase, proof of capital improvements (receipts/contracts), and the active listing or sale agreement.
- Submit Immediately on Signing: Do not wait for the actual closing day. You can submit Form T2062 as soon as there is a signed contract of purchase and sale. This helps reduce the length of time your funds are locked in the lawyer's escrow account.
- File a Final T1/T2 Tax Return: The T2062 certificate is only a source deduction prepayment. You must file a Canadian personal tax return (T1) or corporate return (T2) by April 30 of the following calendar year to declare the sale and claim any deductible transaction costs (such as realtor commissions and legal fees) to get a refund of excess taxes paid.
T2062 Highlights
Withholding on Gain25.0%
Withholding on Gross25.0%
Filing Deadline10 Days Post-Closing
Late Fee Cap$2,500 CAD