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This form is used by non-residents of Canada to notify the CRA about the proposed or completed disposition of certain taxable Canadian property.
A separate T2062 must be filed for each disposition, but only one form is needed if multiple properties are sold to the same purchaser simultaneously.
Failure to file a notice of completed disposition within 10 days can result in penalties ranging from $100 to $2,500.
When submitting Form T2062, various supporting documents must be attached depending on the type of property being disposed of, such as sales agreements and financial statements.
A certificate of compliance is issued after tax obligations are met or acceptable security is provided regarding the disposition.
Vendors may claim exemptions under tax treaties; proper documentation must be provided to support these claims.
Vendors can authorize representatives to act on their behalf concerning this form by checking specific boxes in the certification section.
