Non-Resident Speculation Tax (NRST) Rebate Program
Written by Ting Yan, Student-at-law
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:
- Foreign national who becomes a permanent resident of Canada
- International student
- 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:
- 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.
- 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.
- Copy of the registered transfer that is the basis of the refund application
- Evidence that tax was paid
- Copy of the agreement of purchase and sale, including all schedules, amendments and
- assignments of the agreement.
- 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.