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Home  ->  Ontario  ->  Ontario Taxes on Property

Ontario Taxes on Property

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 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 Ontario

Toronto Vacant Home Tax

The 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.

bulletResidential property is vacant if unoccupied for more than 6 months of the year, but there are exemptions.
bulletA tenanted property is not considered vacant if it was occupied by tenants for at least 184 days in increments of at least 30 days.  i.e., the lease or sublease term must be for at least 30 days to be considered an occupancy. 
bulletA property will be "deemed" vacant if owner fails to make a property status declaration.
bulletThe tax is 1% of Current Value Assessment (CVA)
bulletexample: $1 million CVA = $10,000 tax
bulletThe tax is payable by the 1st of May

See Vacant Home Tax on the City of Toronto website.

Ottawa Vacant Unit Tax

The 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.

bulletResidential property is vacant if unoccupied for more than 184 days of the year, but there are exemptions.
bulletA tenanted property is not considered vacant if it was occupied by tenants for at least 184 days in increments of at least 30 days.  i.e., the lease or sublease term must be for at least 30 days to be considered an occupancy.
bulletA property will be "deemed" vacant if owner fails to make a property status declaration by April 30th.
bulletThe tax is 1% of Taxable Assessed Value
bulletexample: $1 million value = $10,000 tax

See Vacant Unit Tax on the City of Ottawa website

Government of Ontario Resources

Ontario Senior Homeowners' Property Tax Grant

TaxTips.ca Resources

Canada's Underused Housing Tax

BC Speculation and Vacancy Tax & City of Vancouver Empty Homes Tax

BC Foreign Buyer Tax

Revised: November 16, 2022

 

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