Did you know if you invest in Canadian hot bed real estate markets like Toronto, Ontario a 15% foreign buyers sales tax is applied to any real estate purchase by a non resident, non citizens or by foreign corporations (foreign entities) and taxable trustees. It took effect April 21, 2017.
Currently limited to residential property located in the Greater Golden Horseshoe Region (GGH) including the following geographic areas:
City of Barrie
County of Brant
City of Brantford
County of Dufferin
Regional Municipality of Durham
City of Guelph
Regional Municipality of Halton
City of Hamilton
City of Kawartha Lakes
Regional Municipality of Niagara
County of Northumberland
City of Orillia
Regional Municipality of Peel
City of Peterborough
County of Peterborough
County of Simcoe
City of Toronto
Regional Municipality of Waterloo
County of Wellington, and
Regional Municipality of York.
The NRST applies in addition to the general (LTT) Land Transfer Tax in Ontario.
for more info consult the Ontario Ministry website: ontario.ca/finance