What is Non-resident speculation tax?
The full name of Overseas Buyer Tax is Non-Resident Speculation Tax, or NRST for short. The NRST applies to foreign buyers who purchase residential property in the Greater Golden Horseshoe Region (GGH) on or after 21 April 2017, a foreign buyers tax of 15%.
- Obtain Canadian citizenship or permanent resident status within 4 years from the purchase of the house
- International students continue to stay in Ontario after buying a houseTake full-time classes for two years
- After buying a house, foreigners working in Ontario must hold a valid work permit and work full-time in Ontario for at least one year. Full-time means working no less than 30 hours per week, or a total of no less than 1,560 hours over a 12-month period
An urban area in southern Ontario. The GGH is made up of the following cities, counties and regional municipalities (some areas are listed below):
- City of Toronto
- City of Brantford
- City of Guelph
- City of Hamilton
- Regional Municipality of Niagara
- Regional Municipality of Waterloo
- Not a Canadian citizen;
- Aliens without Canadian permanent residence;
- Foreign companies;
- Companies controlled by foreigners;
- Canadian companies controlled by foreign companies;
- The trustee of the trust is a foreigner;
- The trustee of the trust is a Canadian citizen or permanent resident of Canada, but the beneficiary of the company is a foreign person.