Non-Resident Speculation Tax Increase

Lexi Tysoski
Wednesday, March 30, 2022
Non-Resident Speculation Tax Increase
Starting March 30th there was an increase to the Non-Resident Speculation Tax (NRST) from 15% to 20%, The NRST may apply on purchases or acquisition of an interest in residential property located in Ontario by individuals who are foreign The NRST applies to the transfer of “designated land”, which is land that contains at least one and not more than six single family residences. nationals, corporations or taxable trustees. This is an addional charge to the general Land Transfer Tax (LTT) in Ontario.

The NRST applies to the transfer of “designated land”, which is land that contains at least one and not more than six single family residences.

CTV News Toronto reported that experts feel that "Ontario's decision to increase and expand its foreign buyers tax won't do much to cool the province's hot real estate market." 
According to data foreign buyers were not a big part of how hot the market is currently. "Foreign buyers were responsible for less than five per cent of the region's real estate activity recently." 

Sources: Ontario Ministry of Finance, CTV News Toronto
 

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