20% Ontario Tax on Housing

OREA
Friday, April 1, 2022
20% Ontario Tax on Housing
20% Ontario Tax on Housing details:
The Government of Ontario recently announced amendments to the Non-Resident Speculation Tax (NRST).
As of March 30, the NRST rate increased from 15 per cent to 20 per cent and has expanded to all regions of the province.
The increase is an attempt by the Ontario Government to deter non-resident investors from speculating in the housing market in hopes of making home ownership more attainable for Ontario residents.
if an agreement of purchase and sale was entered into for the conveyance of land located outside the Greater Golden Horseshoe (or the assignment of such an agreement) on or before March 29, there is no NRST payable. As of March 30, the tax is applicable provincewide.
This tax applies to the transfer of ‘designed land,’ which is land that contains at least one and no more than six single family residences. This includes detached homes, semi-detached, triplexes, duplexes, townhouses and condominium units.
The NRST does not apply to other types of land, including land containing multi residential rental apartment buildings with more than six units, agricultural land, commercial land, or industrial land.
The NRST will continue to apply to individuals who are not Canadian citizens or permanent residents of Canada or by foreign corporations or taxable trustees. Certain individuals will continue to be exempt from the tax, including foreign nationals in the Ontario Immigrant Nominee Program, protected persons (refugees), spouses of Canadian citizens, or permanent residents of Canada.
The Niagara Association of REALTORS® and OREA encourages you to visit the Government of Ontario’s NRST webpage for details regarding the transition provisions for the tax rate, the international student rebate, and the foreign workers rebate.
 

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