I do not live in Canada. Will I have to pay any additional tax to purchase a property?

It depends.  The Province of Ontario has implemented a Non-Resident Speculation Tax (NRST), often referred to as a foreign buyer tax.  This tax imposes a 20% tax on top of the purchase price for purchases of residential real estate in the greater Toronto region if the purchaser is not either (1) a Canadian citizen, or (2) a permanent resident of Canada (i.e., you have a Permanent Resident card).  In other words, if you are a Canadian citizen or a permanent resident of Canada, the NRST will not apply to your purchase.  However, if you are not a Canadian citizen or a permanent resident of Canada, you will need to pay a tax equal to 15% of the purchase price at the time of closing.  The federal government of Canada has also recently announced a that they will ban foreign money from purchasing a non-recreational, residential property in Canada for the next two years.

  • December 6th, 2019
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Painting by Katerina Podolak · Rain in Camden Town