fOREIGN BUYER TAX:
This is a quick explanation of NRST (Non-Resident Speculation Tax) what constitute foreign when it comes to purchasing a property in Canada.
What Is Foreign Buyer Tax: As of May of 2017 Kathleen Wayne the Ontario Premier introduced a foreign buyer tax for individual who are not a citizen or permanent resident of Canada. This was implemented to cool down the overheated market.
Non-Resident Speculation Tax
https://www.fin.gov.on.ca/en/bulletins/nrst/
Ontario Nominee Program (OINP)
http://www.ontarioimmigration.ca/en/pnp/OI_PNPABOUT.html
Note: Since this taxes was new we all have this misconception of foreign buyer is somebody that resides outside the country but this usually not the case. For some people transitioning to become a permanent residence or citizen the rules is before closing you need to be a permanent or citizen otherwise you are risking yourself of paying the 15% foreign buyer tax. However you can get this back once you become a permanent resident before the two years period. Please also review the OINP and who are exempted on the NRST.
General inquiriesIf you have questions about the OINP or about eligibility criteria for the In-Demand Skills Stream, you can:
What Is Foreign Buyer Tax: As of May of 2017 Kathleen Wayne the Ontario Premier introduced a foreign buyer tax for individual who are not a citizen or permanent resident of Canada. This was implemented to cool down the overheated market.
Non-Resident Speculation Tax
https://www.fin.gov.on.ca/en/bulletins/nrst/
Ontario Nominee Program (OINP)
http://www.ontarioimmigration.ca/en/pnp/OI_PNPABOUT.html
Note: Since this taxes was new we all have this misconception of foreign buyer is somebody that resides outside the country but this usually not the case. For some people transitioning to become a permanent residence or citizen the rules is before closing you need to be a permanent or citizen otherwise you are risking yourself of paying the 15% foreign buyer tax. However you can get this back once you become a permanent resident before the two years period. Please also review the OINP and who are exempted on the NRST.
General inquiriesIf you have questions about the OINP or about eligibility criteria for the In-Demand Skills Stream, you can:
- Visit our Frequently Asked Questions page
- Contact us by phone at:
- 416-327-0374
- 1-866-214-6820 (toll-free within North America only)
- TTY (for the hearing impaired) at 416-325-0866 or 1-866-853-2137
- Send us an email at ontarionominee@ontario.ca