NEW NON RESIDENT TAX!
Effective October 25, 2022, the Non-Resident Speculation Tax (NRST) rate increased from 20 per cent to 25 per cent.
The NRST applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by foreign nationals (meaning those who are not Canadian citizens or permanent residents of Canada) or by foreign corporations or taxable trustees.
The NRST applies in addition to the general Land Transfer Tax (LTT) in Ontario.
The government recognizes that some purchasers may have already signed agreements of purchase and sale that do not close for a few months or longer. There are transitional provisions available for certain transfers of land conveyed pursuant to agreements entered into on or before October 24, 2022 # SANDI HALPERN # REAL ESTATE # NON RESIDENT # TAX
Source RECO
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