Non-Resident Speculation Tax (NRST)

NRST-Toronto

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.

NRST-Toronto

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Client Testimonials:

“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.”

-Ken S.

"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."

-Eric M.

"Daniel helped me with both personal and small business tax returns for the last couple of years. He is professional and methodical in his communication to the client and his work. What I most liked about him, is that he is not only using the latest technologies for his work (email, online drives), but also understands the various income streams that one might have."

-Oliver V.

"Daniel has been extremely helpful for me in setting up my own business. His guidance has been exceptional and he is always very fast to get back to me. Daniel comes very prepared for meetings and calls and he makes a huge effort to understand my situation and he explains everything in a clear and understandable way."

-Philip O.

"Daniel understood my concerns, gave me feedback, explained the steps I have to follow. Daniel is an excellent listener and very prompt with the email correspondence. Needless to say that my taxes were handled in the best possible manner and I couldn't have been happier with his work."

-Corina C.

“Daniel has provided us with excellent advice from day one of launching our business. He takes the time to understand our objectives and provides constructive feedback for current and future consideration. I would highly recommend him to others requiring sound, professional advice.” 

-Elie A.

"Usually, when you search for accounting services you want someone who is technically very competent, up-to-date, fast,  professional organized and responsive.  My experience with Daniel has included all of the above and more. In addition to the above competencies, he displays strong interpersonal skills, including a listening to understand and empathy. "

-Roger B.

“We switched to Daniel last year after a terrible experience with a different accountant. Daniel has been wonderful to work with - very responsive, answers our many questions with patience and expertise, and gets everything done on time. I would recommend Daniel, without hesitation, to anyone that is looking for a knowledgeable and dependable accountant.”

-Diane P.

"Daniel has been absolutely incredible taking care of my tax needs every step of the way. His care and attention to detail are unlike anything I’ve experienced before. I can not say enough good things about my experience working with him. He truly went above and beyond what I ever expected. Highly recommend!"

-Chris S.

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