Non Resident Speculation Tax for Property Buyers
What is NRST?
The Non‑Resident Speculation Tax (NRST) is a tax on the purchase or acquisition of an interest in residential property located in Ontario by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) and taxable trustees.
As of October 25, 2022, the NRST rate has been increased from 20% to 25% and has been expanded to all regions of the province.
The NRST applies in addition to the general Land Transfer Tax (LTT) in Ontario.
Rebates for new permanent residents of Canada and related exemptions will be available to eligible newcomers to ensure Ontario continues to be welcoming to new Canadians. This includes an opportunity for foreign nationals studying and working in Ontario who become permanent residents of Canada to apply for the rebate.
For binding agreements of purchase and sale entered into on or after March 30, 2022, rebates are longer be available to international students and foreign nationals working in Ontario.
A rebate of the NRST may be available in the following situations:
- Foreign national who becomes a permanent resident of Canada – The foreign national becomes a permanent resident of Canada within four years of the date of the purchase or acquisition
- Ontario Immigrant Nominee Program: Exemptions also remain available for nominees under the Ontario Immigrant Nominee Program, protected persons (refugees), and spouses of individuals not subject to the Non-Resident Speculation Tax, if eligibility criteria are met.
Ontario Immigrant Nominee Program (OINP)
Learn how foreign workers, international students, business owners or entrepreneurs from outside of Canada can apply for permanent residence in Ontario, or how Ontario businesses can recruit international talent.
The Ontario Immigrant Nominee Program (OINP) is the province’s economic immigration program. Foreign workers, international students and others with the right skills, experience and education apply to the OINP for a nomination. The OINP recognizes and nominates people for permanent residence who have the skills and experience the Ontario economy needs, and the Government of Canada makes the final decision to approve applications for permanent residence.
For more information on NRST, contact:
Ministry of Finance
Land Tax Section
33 King Street West
Oshawa ON L1H 8H9
Buying a property on work permit:
Attend our first time buyer session to explore more. We also put you in touch with real estate lawyers who can help refund your NRST once you become eligible for the rebate. Learn more about buying a property on work permit.