Non-Resident Speculation Tax (NRST)
What is the NRST?
The NRST is a 15% tax on the purchase or acquisition of residential property in Ontario's Greater Golden Horseshoe area, including Toronto and the GTA. The tax was implemented in 2017 to discourage non-residents from speculating in the residential housing market. Our firm has the experience and expertise to assist clients navigate the NRST and obtain an exemption or rebate if applicable.
Who does the NRST apply to?
The NRST applies to purchasers that are any of the following:
- Individuals who are not citizens or permanent residents of Canada
- Foreign corporations
- Taxable trustees
What type of property is subject to NRST?
Residential properties with 6 or fewer units, such as a single family residence, duplex or triplex.
As a foreign national, can I be exempt from the NRST?
An exemption may be available in the following scenarios:
- Nominee - a foreign national who is nominated under the Ontario Immigrant Nominee Program at the time of purchase or acquisition, and there is an intention to become a permanent resident of Canada.
- Protected person - a foreign national who is a protected refugee at the time of purchase or acquisition (under section 95 of the Immigration and Refugee Protection Act).
- Spouse - a foreign national who jointly purchases residential property with a spouse who is a Canadian citizen, permanent resident, nominee or protected person.
Other criteria apply, such as foreign nationals and their spouse occupying the property as principal residence. Please contact us to learn more about NRST exemptions.
If I pay the NRST, how can I qualify for a rebate?
You can typically qualify for a rebate in the following 3 scenarios:
- If you became a permanent resident of Canada within 4 years of the closing date.
- If you were a student enrolled full-time for a continuous period of at least 2 years from the closing date, at an approved institution.
- If you legally worked in Canada full-time under a value work permit in Ontario for a continuous period of at least 1 year since the closing date.
Other rebate requirements include:
- You exclusively hold the property, or exclusively hold the property with a spouse.
- You occupy the property as a principal residence within 60 days after the closing date, if applicable with your spouse.
- You apply for the rebate within 4 years after the closing date.
We work with clients to apply for the NRST rebate and thoroughly assemble the application and documentation to support their case, minimizing the risk of an unsuccessful claim.
Contact us today to learn more about the NRST rebate and how we can assist.
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“Daniel is absolutely willing to go above and beyond for you. He's detail oriented, thorough, compassionate and genuine with the services he offers. I literally could not imagine a more positive experience than I've had with Daniel as my accountant. I assure you, you won't be disappointed.”
"Daniel was able to quickly sort through the tangle of documents from various sources and pinpointed the source of the problem within minutes. With his keen eye for all of the fine details in this complicated scenario, he reached out to all of the parties involved, and settled the manner of our missing rebate, quickly and in an amicable fashion."
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