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Here as some resources to help you navigate your transaction.
Accountants in Fort Frances
Local Insurance Brokers
Other Helpful Links
Underused Tax Act: Filing Requirements
Non-resident owners of real property in Canada within the meaning of the Underused Housing Tax Act S.C. 2022, c.5, s.10 (the UHT), are required to file an annual return in Canada pursuant to the Underused Housing Tax Program. They must file this annual return even if they are entitled to an exemption from the tax as excluded owners within the meaning of the UHT. If they do not file they could be subject to the tax as well as interest and penalties.
More details can be found at the Government of Canada website.
Non-Resident Speculation Tax
The NRST applies on the purchase or acquisition of an interest in residential property located anywhere in Ontario by individuals who are foreign nationals (individuals who are not Canadian Citizens or permanent residents of Canada) or by foreign corporations or taxable trustees. Effective October 25, 2022, the NRST rate is 25%.
It applies in addition to the general Land Transfer Tax (LTT) in Ontario. It does not apply on top of the LTT.
If you entered in to your agreement of purchase and sale to buy a home or you entered into an assignment of the agreement of purchase and sale on or before October 24, 2022, you may be subject to a lower rate of NRST or you may not have to pay the NRST.
Exemptions from the NRST
An exemption to NRST may be available for registered transfers if the transferee is a nominee, a protected person or a spouse of a Canadian Citizen, or a permanent resident or Canada.
Exemptions in the Act and its regulations that apply to the LTT also apply to the NRST
For more information contact our office or visit the Ontario Government website.
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