Now 20 Percent Tax for Foreign Real-Estate investors Ontario Wide
Parvasi Media News
To crack down on Foreign Real-Estate investors, Ontario Govt has increased the Non-Resident Speculation Tax rate to 20 per cent provincewide which will effective March 30, 2022.
Currently, the Non-Resident Speculation Tax rate is 15 per cent and only applies to homes purchased in the Greater Golden Horseshoe Region by foreign nationals, foreign corporations, and taxable trustees.
The Government has claimed that it is eliminating loopholes to support Ontarians who are trying to buy their first home by focusing NRST relief eligibility to only newcomers who want to settle in the province for long-term.