Form T2062 must be filed with the CRA within 10 days after the property selling date.

Yes, if you do not notify the CRA of the sale within 10 days after the sale, you could face a penalty of $25 for each day the notification is late, up to a maximum of $2,500. In addition, the buyer will not be able to release to you any excess taxes withheld from the 25% of sales proceeds.

No, 25% of the net capital gains is just interim taxes paid, not the final tax obligation.You still need to file a non resident personal tax return at year-end to reconcile the actual tax payable with the tax withheld. And it is in your best interest to do so because you can claim outlays and expenses associated with the sale on the tax return to get back any excess taxes withheld.

You should file a separate T2062 for each disposition. However, if you sell multiple properties to the same buyer at the same time, then you can use one T2062 to report all the dispositions.

In some cases, the CRA may consider waiving penalties or interest under taxpayer relief provisions if there were genuine reasons causing the delay. It’s advisable to contact the CRA and explain your situation.