Ontario recently announced the 15 per cent Non-Resident Speculation Tax and there are already more questions than answers. In this short video, lawyer Mark Weisleder tells you what you need to know about the new tax.

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  1. For those who might be interested, i have just been made aware that 9% of Canadians are classified as expats living outside Canada. That number is HUGE. That’s 2.8 million people. (One could wonder if that stat included progeny of one sort or another in the stats.)

    Of course the place of birth of children born outside the country is determined in some cases apparently as providing dual citizenship, but if they attain their age of majority before if and when returning might impact their later adult life.

    Really a special lawyer and or special accountant would need to speak to real estate related details.

    And as noted in another comment, non-resident definition is tied to time spent outside the country.

    Regardless of speculation, it behooves agents to be on the alert so that they don’t end up footing the tax bill.

    I’m always interested that there isn’t more discussion on this topic.

    As the old expression goes: what is the difference between empathy and apathy? I don’t know and I don’t care is often the response.

    Carolyne L ?

  2. With regard to NON RESIDENT BUYERS I was advised by a solicitor in Ontario that even a Canadian Citizen/permanent resident ( ex pat) living outside Canada in excess of 6 months would, upon re entering Canada and purchasing residential real estate in the GTA be considered a “non resident” for tax purposes.
    This is in direct contrast to the info contained in this video. Lawyers better get this straight as REALTOR’S® are relying on their info to pass on to their clients.
    NON RESIDENT SELLERS are another kettle of fish. Be careful when listing.

    • Please refer to the Real Estate Tax policy on foreign buyers for ON. I’m in Vancouver and the policy states “Anyone without PR or Citizenship” would be subject to 15% tax. The solicitor may be reading it from CRA’s definition. As for real estate, we are sticking with what the provincial government’s definition and guideline on this topic. Our Contract of purchase and sale forms have been changed to obtain buyer and seller’s immigration status. You probably see this down there soon. For non-resident sellers, the lawyers will take care this


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