Ontario Foreign Buyers Tax Hike NRST (Non-Resident Speculation Tax)

Ontario’s increase the tax paid by foreign homebuyers to 20 percent (20%) from 15 percent (15%). Since 2019 the Canada Mortgage and Housing Corporation found that 3.3 percent of Ontario properties had at least one non-resident owner. The NSRT is imposed on foreign entities and taxable trustees that acquire or purchase residential property located in the province of Ontario. The purposes for the Non-Resident Speculation Tax, NSRT, are to expand the tax to apply provincewide and to restrict eligibility for tax exemptions.