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Apr 21, 2017

Tax News Flash - Ontario Introduces the new Non-Resident Speculation Tax

By Saam Nainifard As expected, the Government of Ontario has introduced a new non-resident speculation tax that takes effect on April 21, 2017. The NRST is a 15% tax payable on the purchase of an interest in residential property located in the “Greater Golden Horseshoe” area (which includes Toronto and surrounding areas) by “foreign entities” and “taxable trustees” (as described below). The NRST applies in addition to any land transfer tax in Ontario real estate transactions

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