|
Home -> Ontario -> Ontario Taxes on PropertyOntario Taxes on PropertyOntario Non-Resident Speculation Tax (Foreign Buyers Tax)As per an October 24, 2022 news release, the Ontario Non-Resident Speculation Tax (NRST) rate is increased from 20% to 25% effective October 25, 2022, for binding agreements of purchase and sale entered into on or after October 25, 2022. This tax applies to residential property anywhere in the province, not just in selected areas. The tax applies to foreign buyers, including certain trusts with foreign trustees or foreign beneficiaries. For detailed information see Ontario Non-Resident Speculation Tax (NRST) Municipal Vacant Home Taxes OntarioToronto Vacant Home TaxThe deadline to declare a property's 2022 occupancy status is February 2, 2023. The online declaration portal will open in mid-December 2022. All owners of residential property in Toronto will be required to declare the status of their property/properties annually.
See Vacant Home Tax on the City of Toronto website. Ottawa Vacant Unit TaxThe deadline to declare a property's 2022 occupancy status is the Interim Tax due date (third Thursday in March). The late declaration deadline is April 30th. All owners of residential property in Ottawa will be required to declare the status of their property/properties annually.
See Vacant Unit Tax on the City of Ottawa website Government of Ontario ResourcesOntario Senior Homeowners' Property Tax Grant TaxTips.ca ResourcesBC Speculation and Vacancy Tax & City of Vancouver Empty Homes Tax BC Foreign Buyer TaxRevised: February 16, 2023
|
Copyright © 2002 Boat Harbour Investments Ltd. All Rights Reserved. See Reproduction of information from TaxTips.ca Facebook
| Twitter
| See What’s New, stay
connected with TaxTips.ca by RSS or Email |