Increasing Non-Resident Speculation Tax

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Generally speaking, we are talking about everything related to Commercial and Residential Real Estate on our website. In this way, we can educate our clients to make their decisions easier. We are dealing with both parties, buyers, and sellers. That is why we are trying to have win-win transactions. So, if you need our help please reply. In this post, we would like to talk about Increasing the Non-Resident Speculation Tax, based on the latest news.

TORONTO — As part of its commitment to tackling Ontario’s housing crisis by prioritizing Ontario families and homebuyers, the government is increasing the Non-Resident Speculation Tax rate to 20 percent, closing loopholes to fight tax avoidance and expanding the tax to apply provincewide effective March 30, 2022.

Currently, this Tax rate is 15 percent. It applies to homes purchased in the Greater Golden Horseshoe Region by foreign nationals, foreign corporations, and taxable trustees. Increasing the tax rate to 20 percent and expanding the tax to apply provincewide will strengthen efforts to deter non-resident investors from speculating on Ontario’s housing market. Also, it helps make homeownership more attainable for Ontario residents. In addition, Ontario is working with municipalities that are looking to establish a Vacant Home Tax.

Also, for binding agreements of purchase and sale entered into on or after March 30, 2022, rebates will no longer be available to international students and foreign nationals working in Ontario.

In the end, we are here to help our clients to make the right decisions. That is why we made a team of experienced agents in both categories.

BABAK MEHRABI, Real Estate Salesperson

https://www.reco.on.ca/

 

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6 thoughts on “Increasing Non-Resident Speculation Tax”

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