Ontario has announced it is raising the non-resident speculation taxon homes purchased by foreign nationals from 20 percent to 25 percent, effective Tuesday. Finance Minister Peter Bethlenfalvy says the move makes Ontario’s tax rate the highest in Canada and seeks to discourage foreign speculation. The Progressive Conservative government previously increased the non-resident speculation tax from 15…
Ontario Raises Foreign Homebuyer Tax, Makes It Provincewide
Ontario is increasing a tax on non-resident homebuyers to 20 percent and expanding it to cover the whole province. The government said the changes set to take effect Wednesday are part of its action plan on housing. “Our government is working to increase supply and help keep costs low for Ontario families and homebuyers, not…
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