Ontario Non-Resident Speculation Tax rate rises to 25 per cent
As of October 25, 2022, the Non Resident Speculation Tax rate (NRST) will be increased from 20% to 25% and continues to apply to all regions of the province. The NRST applies to the transfer of “designated land,” which is considered land that contains at least one and no more than six single family residences.
The provincial rationale behind the new increase to 25% is to deter foreign speculation in the housing market.
How the NRST is applied
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.
Note: The NRST applies if any one of the transferees is a foreign entity or taxable…
416 Views, 0 Comments