ANNOUNCED AS TEMPORARYNo
FDI: Entry and ownership rule
The Non-Resident Speculation Tax (NRST) is a 15% tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region – a 32,000 square kilometer area in Ontario -- by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees. The NRST applies in addition to the general land transfer tax in Ontario. Binding agreements of purchase and sale signed on or before April 20, 2017 are not subject to the NRST, and in some cases a purchaser may be granted an exemption (e.g., for a foreign national who applies to become a permanent resident of Canada) or rebate (e.g., for a foreign national who becomes a permanent resident of Canada within four years of the date of the purchase or acquisition).
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