Canada

Canada

Ontario Unveils A New 15% Land Transfer Tax

21 Apr 2017

As of 21 April 2017, a Non-Resident Speculation Tax (NRST) is effective. The NRST is a 15% tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees. It applies in addition to the general land transfer tax in Ontario. Exemptions and rebates in relation to the NRST may be available if certain criteria are met.

Nature of measure:
  • Treatment and operation
Type:
  • Entry and establishment (Access to land)
Industry:
  • Services (Real estate activities)
Inward FDI:
No
Outward FDI:
No
Sources: