Amendments to Non-Resident Speculation Tax
On March 29, 2022, the Ontario government announced amendments to the Land Transfer Tax Act which impacts the Non-Resident Speculation Tax.
Effective March 30, 2022, the government is:
- Increasing the Non-Resident Speculation Tax to 20 per cent
- Expanding the tax to apply province-wide
- Eliminating the rebates for international students and foreign nationals working in Ontario
Transitional rules have been established for transactions that are pursuant to certain agreements of purchase and sale signed on or before March 29, 2022, and certain assignments of those agreements which are also signed on or before March 29, 2022.
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Please see this article on more recent updates effective October 25, 2022.