Non-Resident Speculation Tax (NRST) Rebate Program - 2023 Update

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Since January 1, 2023, the Canadian federal government has prohibited for two years the purchase of residential properties by non-Canadians. Only Canadian citizens and permanent residents are permitted to buy residential properties in Canada under "The Prohibition on the Purchase of Residential Property by Non-Canadians Act S.C. 2022, c. 10, s. 235." However, since March 27, 2023, there are limited exceptions under which non-Canadians are permitted to buy residential properties in Canada. This law and its exceptions apply to the whole of Canada.

Following the NRST amendment on October 25, 2022, the holders of work permit and study permit are not eligible for the rebate programme merely upon the completion of one-year full-time employment or two-year continuous full-time enrolment in approved institutions. They are not eligible for the programme until they have become permanent residents in four years after the date of purchase, subject to satisfactory fulfillment of other requirements of the prgramme. The amendment also expanded the coverage of the NRST from Golden Horseshoe area to all Ontario.

Between March 30, 2022 and October 24, 2022, the NRST was 20%. From March 30, the same changes in residency requirement and coverage as described in the second paragraph took place and applied.

Effective April 21, 2017 (see our article on NRST for more information) in the Province of Ontario, when individuals who do not have citizenship or permanent resident status acquire an interest in residential property located in the Greater Golden Horseshoe Region (GGH), they have to pay an extra 15% tax in addition to the general land transfer tax in Ontario.

Rebates may be available under three circumstances:

  1. Foreign national who becomes a permanent resident of Canada
  2. International student
  3. Foreign national working in Ontario

Our firm specializes in helping international students with the NRST rebate application and would be happy to assist you.

How do you qualify as an international student?

This is what we would need from you:

  1. International Student: Proof of full-time enrolment* in an approved institution at a campus located in Ontario for two continuous years immediately following the transfer of land.
  2. Evidence that all purchasers have made the property their principal residence within 60 days of the transfer to the date of application, and the purchaser exclusively held the property, or held the property exclusively with his or her spouse.
  3. Copy of the registered transfer that is the basis of the refund application
  4. Evidence that tax was paid
  5. Copy of the agreement of purchase and sale, including all schedules, amendments and
  6. assignments of the agreement.
  7. Copy of the statement of adjustments.
  • Full-time enrolment = enrolled in at least 60% (no disability) or 40% (has a disability) of what the approved institution considers to be a full course load for the academic year.

Get in touch with us today to discuss your rebate!

Disclaimer: The above information is intended as general information and not to be read as legal advice. Please seek legal advice from qualified legal professionals.


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