For those looking at making a foreign property investment, Canada currently ranks as the third most stable and secure country for real estate investment. For those looking to buy property in Canada, requirements can vary depending on the type of Canadian immigration status that you have. While you do not require any kind of immigration status in Canada to buy or invest in residential property, in some provinces a lack of Canadian immigration status may result in you having to pay a foreigner tax on your investment of up to 20%.
As of April 21, 2017, those looking to buy or invest in residential property in certain areas of Ontario need to be aware of the 15% Non-Resident Speculation Tax (NRST) in the Greater Golden Horseshoe Region. Ontario is the most popular destination for new immigrants, with 64% of new immigrants listing it as their anticipated destination in Canada. This tax only applies to those who are not Canadian citizens or Canadian permanent residents or are foreign corporations or taxable trustees.
THE GREATER GOLDEN HORSESHOE REGION INCLUDES THE FOLLOWING AREAS OF ONTARIO:
- City of Barrie
- County of Brant
- City of Brantford
- County of Dufferin
- Regional Municipality of Durham
- City of Guelph
- Haldimand County
- Regional Municipality of Halton
For those looking at making a foreign property investment, Canada currently ranks as the third most stable and secure country for real estate investment. For those looking to buy property in Canada, requirements can vary depending on the type of Canadian immigration status that you have. While you do not require any kind of immigration status in Canada to buy or invest in residential property, in some provinces a lack of Canadian immigration status may result in you having to pay a foreigner tax on your investment of up to 20%.
As of April 21, 2017, those looking to buy or invest in residential property in certain areas of Ontario need to be aware of the 15% Non-Resident Speculation Tax (NRST) in the Greater Golden Horseshoe Region. Ontario is the most popular destination for new immigrants, with 64% of new immigrants listing it as their anticipated destination in Canada. This tax only applies to those who are not Canadian citizens or Canadian permanent residents or are foreign corporations or taxable trustees.
THE GREATER GOLDEN HORSESHOE REGION INCLUDES THE FOLLOWING AREAS OF ONTARIO:
- City of Barrie
- County of Brant
- City of Brantford
- County of Dufferin
- Regional Municipality of Durham
- City of Guelph
- Haldimand County
- Regional Municipality of Halton
- City of Hamilton
- City of Kawartha Lakes
- Regional Municipality of Niagara
- County of Northumberland
- City of Orillia
- Regional Municipality of Peel
- City of Peterborough
- County of Peterborough
- County of Simcoe
- City of Toronto
- Regional Municipality of Waterloo
- County of Wellington, and
- Regional Municipality of York.
IF SOMEONE HAS PURCHASED A PROPERTY IN THE GREATER GOLDEN HORSESHOE REGION, THEY MAY BE ABLE TO CLAIM A REBATE ON THE 15% TAX PAID IF ONE OF THE FOLLOWING SITUATIONS APPLIES TO THEM:……(Readmore)