Although this amendment allows for temporary residents to purchase Canadian property, those individuals in Ontario and British Columbia are subject to special provincial tax provisions.
The Non-Resident Speculation Tax (NRST), which is also referred to as the Foreign Buyer’s Tax, is a fee imposed on specific non-resident individuals when purchasing a property within any area of Ontario and designated regions of British Columbia. This tax, which is 25% in Ontario and 20% in British Columbia, is aimed to address the impact of foreign investment on local housing markets.
Please get advice from a tax professional.
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