What is the Non-resident speculation tax?
The full name of the foreign buyer tax is Non-Resident Speculation Tax, or NRST. NRST applies to foreign buyers who purchase residential properties in the Greater Golden Horseshoe Region (GGH) on or after April 21, 2017, and a 15% foreign buyer tax is levied.
- Obtained within 4 years of purchasing the house Canadian citizens or permanent residents
- International students continue to stay in Ontario after purchasing a house Two years of full-time study
- Foreigners working in Ontario must hold Valid work permit Worked full-time in Ontario for at least one year. Full-time means working at least 30 hours per week or a total of at least 1,560 hours in a 12-month period
An urban region in southern Ontario. GGH is comprised of the following cities, counties, and regional municipalities (partial regions are listed below):
- City of Toronto
- City of Brantford
- City of Guelph
- City of Hamilton
- Regional Municipality of Niagara
- Regional Municipality of Waterloo
- Non-Canadian citizens;
- Foreign nationals who do not have permanent residency in Canada;
- Foreign companies;
- Companies controlled by foreigners;
- A Canadian company controlled by a foreign company;
- The trustee of the trust is a foreign person;
- The trustee of the trust is a Canadian citizen or permanent resident of Canada, but the corporate beneficiary is a foreign person.