By: Winnie J Luk and Trudie Tong

Overview
Ontario is collecting additional information to better understand trends in the housing market and to support evidence-based policy development with respect to the Province's real estate market.

Purchaser of land that contains one to six single family residences, or agricultural land, are required to provide this additional information.

The additional information will be collected on the Prescribed Information for Purposes of Section 5.0.1 Form (Form).

Additional information required
The Form is required to be completed for purchases of land that contain one to six single family residences, or agricultural land in Ontario.
Purchaser of the applicable land acting as a trustee of a mutual fund trust, real estate investment trust (REIT), or specified investment flow-through (SIFT) trust are not required to complete the Form.
The prescribed information required includes (but is not limited to) the following:
whether the home is intended to be occupied by the purchaser or their family member(s), as their principal residence
the type of dwelling (detached, semi-detached, condominiums, cottages, etc.)
whether the property, in part or in whole, is intended to be leased out
if the purchaser is an individual: residency, citizenship and permanent resident status
if the purchasers are corporations: information about incorporation, ownership and control, and
if the purchaser is acting as a trustee, nominee, or in a similar capacity: information about beneficial owners.
Unregistered dispositions of a beneficial interest in land
The requirement to provide additional information and submit the Form applies to all persons who acquire beneficial interest (which include any sale, transfer, or assignment) in applicable land (those with one to six single family residences, or agricultural land in Ontario)

Offences and penalties
Failure to submit the Form may constitute an offence under the Land Transfer Tax Act. However, during the transition period of April 24 to May 5, 2017, no penalties will be applicable for any deficiencies on the Form.

Note that the additional information is still required to be submitted for applicable purchases of land that occur during the transition period.