Does Ontario's foreign buyer speculation tax apply to me if I am not a Canadian citizen?

Ontario's Non-Resident Speculation Tax (NRST) applies to foreign nationals and foreign corporations who purchase certain residential properties in Ontario. If you are not a Canadian citizen or permanent resident, and you purchase a residential property with up to six single-family units located in Ontario, the NRST may apply to your purchase.

The tax is a percentage of the purchase price, paid in addition to the regular Ontario land transfer tax. The rate has been increased since the NRST was first introduced — confirm the current rate with a lawyer before you enter into any agreement, since it is a material cost. The tax applies at the time of the transfer, not at closing of any future sale.

There are limited exemptions and rebate programs. Foreign nationals who are principal nominees under a provincial immigration program, who are Convention refugees, or who subsequently become permanent residents within a specified period may qualify for a refund of the NRST. Certain types of property (commercial property, industrial property, and agricultural property) are not subject to NRST. A spouse who is a Canadian citizen or permanent resident purchasing jointly may allow the purchase to proceed without NRST under specific conditions.