What exactly is Non-Resident Speculation Tax or NRST? Basically, the NRST is a 15% tax on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe Region (GGH) by individuals who are not citizens or permanent residents of Canada.
The NRST applies in addition to the general land transfer tax (LLT) in Ontario. Residential property includes detached houses, semi-detached houses, townhouses and condominium units. NRST has to be paid along with the land transfer tax before the closing of the purchase.
For the list of geographic areas that comes under Greater Golden Horseshoe Region (GGH) and for further detailed information on NRST, go to Ontario Government site: https://www.fin.gov.on.ca/en/bulletins/nrst/
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