Ontario's Non-Resident Speculation Tax (NRST)

The NRST is a 15% tax that applies to the purchase or acquisition of certain properties in the Greater Golden Horseshoe (GGH)

The Ontario Ministry of Finance has posted a bulletin on the NRST(www.fin.gov.on.ca/en/bulletins/nrst/nrst.html). Here are a few highlights:
 

Where is the GGH?

The GGH includes the following: Brant, Dufferin, Durham, Haldimand, Halton, Hamilton, Kawartha Lakes, Niagara, Northumberland, Peel, Peterborough, Simcoe, Toronto, Waterloo, Wellington and York.

Effective Date

The NRST will be effective as of April 21, 2017.  Binding agreements of purchase and sale signed on or before April 20, 2017 are not subject to the NRST.

Who is Subject to the NRST?

The NRST applies to foreign entities or taxable trustees who purchase or acquire residential property in the GGH.

Types of Property Subject to the NRST

The NRST applies to the transfer of land which contains at least one and not more than six single family residences.  The NRST does not apply to other types of land such as multi-residential rental apartment buildings with more than six units, agricultural land, commercial land or industrial land.

What we're doing

LDD is working on updates to RealtiWeb and will update you once the new calculations are available in the system.