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Ontario did not impose an overseas buyer tax at first, but with the strong support of the Chinese real estate speculation team, real estate in the Toronto area is becoming more and more popular because of Toronto, a province that is very popular with Chinese. In order to rein in soaring house prices and effectively control Toronto’s housing bubble to stabilize economic growth, the province imposed a 15 per cent non-resident speculative tax on overseas buyers (hereinafter referred to as NRST) on April 21, 2017.
However, bearing in mind the power of Chinese home purchases, transaction volume in the Toronto area began to rise quietly at the beginning of 2019. Governor Ford has said that NRST is only a palliative policy and has repeatedly proposed to consider canceling it, but so far it still exists and is of considerable concern.
First, who needs to pay NRST?
(1) non-Canadian citizen or non-permanent resident (which is different from whether you are a Canadian tax resident or not) (2) A foreign company or a company controlled by a foreigner (3) a Canadian company controlled by a foreign company (4) the trust trustee is a foreigner (5) the trust trustee is a Canadian citizen or permanent resident, but the beneficiary is a foreigner.
Second, which types of properties need to pay NRST?
(1) Single Family Residence: detached houses, semi-detached houses, town houses, apartments (2) rental properties of 6 or less households: Duplex, Triplex, Fourplex, Fiveplex, Sixplex.
Note: less than 6 households, including 6 rental properties are required to pay NRST, but more than 6 rental apartments, including agricultural real estate and commercial real estate are not required to pay NRST.
Third, which areas need to pay NRST?
Although we have always called the Ontario overseas buyer tax, the real tax is not the whole Ontario, but only the GGH area of Ontario has to pay NRST.
It extends from City of Orillia in the north to Haldimand in the south, Waterloo in the west and Peterborough in the east. In addition to the daily familiar areas of Greater Toronto, Pierre, Horton, York and Duran, Niagara and other areas are also within the scope of GGH.
Note: Ottawa, located in southeastern Ontario, is also the capital of Canada, but it does not levy NRST.
Who can be exempted from payment?
(1) the applicant has successfully applied for the Ontario nomination project OINP (Ontario Immigrant Nominee Program). Once the confirmation number of the provincial nomination has been obtained, there is no need to pay NRST. Ontario master’s degree students generally meet this requirement when they pass the application after graduation. (2) Persons who have been granted refugee status. (3) the spouse of a Canadian citizen or permanent resident, or the spouse of the above 1) or 2). This article is mainly aimed at the situation where overseas buyers and non-overseas buyers jointly own property. If it is a husband-wife relationship, even if one of the parties is not a local buyer, they do not have to pay NRST. (note: in addition to the husband and wife, there are other overseas buyers who jointly own the property, then the whole property has to pay NRST.).
(4) Canadian nationals who have been living overseas for a long time are non-tax residents in Canada. Such people do not have to pay NRST when they buy a house in Canada.
Who can meet the NRST tax rebate conditions?
1. International students: home buyers are required to hold a valid student visa and have two years of full-time study in a school registered under Ontario’s Act 70ap17 from the delivery date. two。. Visa holders: home buyers are required to hold a valid Ontario work visa, which has been working full-time in Ontario for 1 year since the house delivery date. When the house is delivered, the buyer must already be working full-time, and only the work visa without a job is not qualified. 3. New immigrants: within 4 years after the delivery of the house, they have obtained Canadian citizen or PR permanent resident status and successfully logged in (* Note: you must apply for tax refund within 90 days after obtaining PR permanent resident status).
6. Under what circumstances can I not return NRST?
(1) do not live within 60 days after delivery (cannot resell or rent) (2) do not meet 100% property rights, for example: many foreign students need to apply for loans when buying property, when the personal credit line is insufficient, the bank will require the parents of international students to jointly sign (co-sign) the property rights and loans. Even if parents account for 1% and foreign students account for 99%, they are not satisfied. (3) for freshmen, if they are not enrolled on the delivery date, they will not be counted as full-time students such as the house delivered in August and the freshman in September. (4) after international students have paid tuition fees, the fail or withdraw of a certain subject is lower than the minimum requirement for full-time study (* the definition of full-time study should refer to the uniform requirement of the government: if the student does not have an disability, he or she is required to attend at least 60% of the full-year course full-time. If the student has a learning disability, he or she is required to attend at least 40% of the full-year course full-time. (5) International students graduate within 2 years. Note: this refers to two years in the fiscal year, not two semesters. (6) did not submit the application within 90 days after receiving the PR. (7) did not start full-time work on the delivery date, the buyer must have been working full-time on the delivery date, only work visa, no job does not meet the NRST tax rebate. (8) the change of job leads to the interruption of full-time working hours, and those who apply for NRST must work full-time continuously for one year, and there is no requirement for job attributes.