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Home -> Ontario -> Ontario Taxes on PropertyOntario Taxes on PropertyOntario Non-Resident Speculation Tax (Foreign Buyers Tax) Toronto Non-Resident Speculation Tax (Foreign Buyers Tax) Municipal Vacant Home Taxes Ontario Toronto Vacant Home Tax - Declarations Due February 29, 2024 Ottawa Vacant Unit Tax (VUT) - Declarations Due March 21, 2024 Hamilton Vacant Unit Tax (VUT) - Will Not Proceed in 2024 Region of Peel Vacant Home Tax - Program on Hold Homeowners, Home Buyers, Builders & Renovators Beware!! Government of Ontario Resources
Ontario 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 "designated land" anywhere in the province, not just in selected areas. Designated land is land that contains at least one and not more than six single family residences. This includes cottages, cabins, etc. that are designed for occupation as the residence of a family. The land does not have to be zoned residential to be affected. As of March 27, 2024, parking units and storage units in a condominium complex are also designated land, so that standalone purchases of these are also subject to the NRST. See Types of property subject to NRST for the latest information. The tax applies to foreign buyers, including certain trusts with foreign trustees or foreign beneficiaries. See Entities subject to NRST. To appeal an assessment, see Vacant Home Tax Notice of Complaint. For detailed information see Ontario Non-Resident Speculation Tax (NRST) Toronto Non-Resident Speculation Tax (Foreign Buyers Tax)A Toronto Report For Action from the Chief Financial Officer and Treasurer is recommending a new Municipal Non-Resident Speculation tax (MNRST) of 10% on residential property purchases by foreign buyers, starting January 1, 2025. This was one of the steps that Council directed staff to consider, as noted in a September 6, 2023 news release, to help address Toronto's financial crisis. In February 2024, Toronto city council voted 24-1 to create this new tax effective January 1, 2025. Municipal Vacant Home Taxes OntarioToronto Vacant Home Tax - Declarations Due February 29, 2024The deadline to declare a property's 2023 occupancy status is February 29, 2024. The tax rate was increased from 1% to 3% for 2024, based on occupancy status during the previous year. 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 Tax (VUT) - Declarations Due March 21, 2024The deadline to declare a property's 2023 occupancy status is the Interim Tax due date - third Thursday in March, so March 21, 2024. The late declaration deadline is April 30th, but late declarations are subject to a $250 fee. 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 Hamilton Vacant Unit Tax (VUT) - Will Not Proceed in 2024It was proposed that all owners of residential property in Hamilton would be required to declare the status of their property/properties annually, with the following provisions:
See Vacant Unit Tax on the City of Hamilton website, which indicates that the Council decided to not proceed with the Vacant Unit Tax in 2024. Region of Peel Vacant Home Tax - Program on HoldPublic consultations have ended. The Region of Peel expects to report back to Council in early 2023 with a summary of the consultation, program design options and next steps. See Vacant Home Tax on the Peel Region website. Homeowners, Home Buyers, Builders & Renovators Beware!!Some caveats identified by an article in the Canadian Tax Foundation, Ontario's New Vacant Home Taxes: The Blind Spots, by Noah Sarna, Thorsteinssons LLP:
See the full article for more information! Government of Ontario ResourcesOntario Non-Resident Speculation Tax (NRST) Ontario Senior Homeowners' Property Tax Grant TaxTips.ca ResourcesBC Speculation and Vacancy Tax City of Vancouver Empty Homes Tax BC Foreign Buyer TaxRevised: April 04, 2024
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