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Home -> Ontario -> Ontario Taxes on PropertyOntario Taxes on PropertyOntario Non-Resident Speculation Tax (Foreign Buyers Tax) Municipal Vacant Home Taxes Ontario Hamilton Vacant Unit Tax (VUT) Region of Peel Vacant Home Tax - Feasibility Being Explored 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 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 Tax (VUT)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.
See Vacant Unit Tax on the City of Ottawa website Hamilton Vacant Unit Tax (VUT)All owners of residential property in Hamilton will be required to declare the status of their property/properties annually.
See Vacant Unit Tax on the City of Hamilton website. Region of Peel Vacant Home Tax - Feasibility Being ExploredPublic 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: October 26, 2023
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